US Cash Grains — Corn basis mixed as Midwest harvest progresses

CHICAGO, Oct 12 (Reuters) — Spot basis bids for corn and soybeans were mixed in the U.S. Midwest as the harvest accelerated, dealers said. The corn basis rose at an Ohio elevator and Nebraska processor and fell at an Indiana ethanol plant. On the Chicago Board of Trade, corn futures were 1/2 cent higher to $4.94-3/4 per bushel. Most-active CBOT soybean futures were down 6-1/4 cents to $12.85 per bushel. US farmers will harvest more bushels of corn than previously expected, the US Department of Agriculture said on Friday, surprising traders who had expected production to decline following unfavorable weather. USDA's increased forecast knocked down US corn futures prices by their daily trading limit, at a time when farmers are grappling with soaring prices for diesel fuel and other high input costs. Basis values are quoted against CBOT futures in cts/bu: Elevators CORN SOYBEAN S CINCINNATI OH -44 + Z UP -31 + X UNC 4 BURNS HARBOR IN UNQ UNC UNQ UNC DECATUR IN UNQ UNC UNQ UNC DES MOINES IA UNQ UNC UNQ UNC LINCOLN NE -35 + Z UNC -45 + X UNC Processors CORN SOYBEAN S DECATUR IL -5 + Z UNC -15 + X UNC DECATUR IN -20 + X UNC MORRISTOWN IN -25 + X UNC LAFAYETTE IN -25 + X UNC CEDAR RAPIDS