Corn, soy basis bids mostly flat to weaker

Basis bids for corn and soybeans were mostly flat to lower in the U.S. Midwest on Monday, spot checks showed, as early harvesting advanced.

• The basis bid at a crushing plant in Sioux City, Iowa, was 45 cents below Chicago Board of Trade November soybean futures (SX25) for crops delivered this week.

• On Friday, the same crusher left its bid for soybeans delivered by Saturday at par with the price of CBOT November soybean futures.

• In August, the U.S. soybean crush pace declined to the slowest in nearly a year, according to National Oilseed Processors Association data.

• A lack of demand for U.S. soy from China has also weighed on basis levels as farmers are starting to harvest a large crop.

• The U.S. Department of Agriculture is working with Congress to evaluate whether economic aid might be needed for the nation's farmers this autumn amid trade disputes and record-high yields, Agriculture Secretary Brooke Rollins said.

• The soy crop was 5% harvested by Sunday and the corn crop was 7% harvested, according to the USDA.

• Forecasts for a record-large corn harvest weighed on CBOT corn futures on Monday.

Basis values are quoted against CBOT futures in cents/bu:

NOTE: 0 = Option Price, UNC = Unchanged, UNQ = Unquoted, NC = Not Comparable, DP = Delayed Price, N/A = Not Available, F = January, H = March, K = May, N = July, Q = August, U = September, X = November, Z = December

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LINKS: (0#USCSHGRN-AM)

For U.S. forward basis spreadsheets, please click on:

(CORN/BASIS), (SOYA/BASIS), (WHEAT/BASIS), (MILO/BASIS)

- CBOT corn report

- CBOT soybean report

- CBOT wheat report

- U.S. grain barge freight values

- U.S. Midwest cash grain AM

- U.S. CIF/FOB Gulf Grain