Oct 10 (Reuters) – Cash basis bids for corn were mostly steady to weak around the U.S. Midwest on Friday as some farmers sold grain amid an accelerating pace of harvest but others resisted after futures tumbled more than 3 percent, grain merchants said.
* Corn bids remain capped by rising supplies from a record large 2014 crop, which as of last weekend was 17 percent harvested.
* Spot soybean basis bids were mixed, with limited country movement supporting values in the eastern Midwest and scattered farmer selling weighing on bids in the western Corn Belt.
* Chicago Board of Trade corn and soybean futures plunged on Friday after the U.S. Department of Agriculture raised its production forecasts for both commodities in a monthly report.
* Active soybean harvesting dragged down basis bids at some Iowa locations. A river elevator manager in Davenport said receipts through the weekend could be the heaviest of the season and basis there fell 15 cents a bushel. Spot basis in Council Bluffs declined 2 cents.
* Limited soybean movement underpinned basis values in the eastern Midwest, with the basis bid at Toledo rising 5 cents. A closely followed soybean processor in Decatur, Illinois, lifted its spot soybean bid by 5 cents.
* The spot corn basis dropped 8 cents a bushel in Decatur, Illinois, and 2 cents a bushel in Chicago, but was flat elsewhere around the Midwest.
* Scattered showers in the forecast may disrupt harvesting in some areas over the next week.
Basis values are quoted against CBOT futures in cts/bu: Current Previous Bid Bid Chicago, Illinois Corn processors +3 + Z +5 + Z DN 2 Corn elevators -30 + Z -30 + Z UNC Soybean elevators +0 + X +0 + X UNC Wheat elevators -15 + Z -15 + Z UNC Wheat processors +15 + Z +15 + Z UNCDecatur IL corn -28 + Z -20 + Z DN 8 Decatur IL soybeans +5 + X +0 + X UP 5 Burns Harbor IN corn -35 + Z -35 + Z UNC Burns Harbor IN soy -15 + X -15 + X UNC Lafayette IN soy -25 + X -37 + X UP 12 Toledo OH (port) Corn -14 + Z -14 + Z UNC Soy -9 + X -13 + X UP 4 SRW wheat +7 + Z +7 + Z UNC Davenport IA (river) Corn -40 + Z -40 + Z UNC Soy -31 + X -16 + X DN 15 Evansville IN (rail) 15-car CSX corn -10 + Z -10 + Z UNC Cincinnati OH (rail) 3-car corn -12 + Z -12 + Z UNC Hereford TX corn +120 + Z +120 + Z UNC Columbus OH (rail) 3-car corn -18 + Z -18 + Z UNC Morris IL (river) Corn -45 + Z -45 + Z UNC Soybeans -10 + X -10 + X UNC Fort Worth TX corn +120 + Z +120 + Z UNC Blair NE corn -10 + Z -10 + Z UNC Council Bluffs, IA (elevator) Corn -44 + Z -42 + Z DN 2 Soy -55 + X -53 + X DN 2 Des Moines IA soy UNQ UNQ UNC Sioux City IA soy -50 + X -50 + X UNC NOTE: 0 = option price, UNC = Unchanged, UNQ = Unquoted, NC = Not comparable, DP = Delayed Price, X = November, Z = December ---------------------------------------------------------------- LINKS: For U.S. forward basis spreadsheets, please double-click on: - CBOT corn report - CBOT soybean report - CBOT wheat report - U.S. grain barge freight values - U.S. Midwest cash grain PM - U.S. CIF Gulf Grain - U.S. FOB Gulf Grain (Reporting by Karl Plume in Chicago)