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 UNC
Decatur 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
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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) 
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