Basis bids for corn and soy fell in the U.S. Midwest on Friday on farmer selling as futures rose following the U.S. Department of Agriculture’s monthly supply and demand report, dealers said.
* U.S. corn and soybean supplies are due to rise in the coming year as farmers are expected to harvest another large crop that will add to already plentiful stockpiles of both crops, the USDA said.
* Ending stocks of corn for the 2024/25 marketing year were projected at 2.102 billion bushels, up from 2.022 billion in 2023/24, the USDA said.
* The corn basis decreased by 2 cents per bushel at an Iowa elevator and by 4 cents at an Illinois river terminal.
* The wheat basis rose by 7 cents at a Chicago wheat elevator and sank by 5 cents at a Chicago processor.
* For soybeans, the basis decreased by 4 cents at an Iowa river terminal.
* Dealers noted a continuous stream of light farmer selling of corn and soybeans.
* Farmers are expected to take advantage of dry weather forecasted for the U.S. Midwest next week to accelerate planting.
* Most-active CBOT July corn CN24 settled up 13-1/4 cents at $4.69-3/4 per bushel. CBOT July soybean futures SN24 settled 10-1/2 cents higher at $12.19 per bushel.