Corn basis bids firm to higher, soybean bids unchanged as futures slip
Spot corn basis bids at US Midwest processors held steady or rose, soybean bids were flat, while futures fell on harvest progress, according to Reuters.
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what happened
According to Reuters, spot basis bids for corn at processing facilities in the US Midwest were steady to higher on Tuesday, while soybean bids were flat, as futures declined. In the Chicago, Illinois area the corn basis rose 5 cents a bushel at one elevator and was unchanged elsewhere.
Futures were pressured by the harvest, which is active but slower than expected. The USDA reported corn harvest 44% complete as of Sunday, versus a five-year average of 52% and a Reuters poll forecast of 49%. The soybean harvest reached 64%, against a five-year average of 65% and an expectation of 66%. Commodity Weather Group expects dry weather through at least the end of this week.
why it matters
Fast harvesting and dry weather typically add supply to grain markets and weigh on futures, so basis moves matter for logistics and margins of processors and exporters.
market impact
Corn and soybeans: dry weather and harvest pace weigh on CBOT futures
tags
instruments
sources
- Corn basis bids steady to up, soybean bids unchanged — Reuters, 20 October 2026 at 22:26 UTC
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