US Cash Grains — Corn, soy basis nearly flat amid harvest

CHICAGO, Oct 13 (Reuters) — Basis bids for corn and soybeans were mostly steady in the U.S. Midwest on Tuesday as farmers turned attention to harvest. Weather conditions favored fieldwork in most of the US Midwest this week, enabling farmers to catch up on harvesting, especially for soybeans, following rain delays in late September and early October. 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. US soybean futures drifted lower for a second straight session on Tuesday as harvest activity picked up across the Midwest following a spell of dry weather and as traders awaited a weekly crop progress report after the close. Corn was flat to lower as traders weighed rising supplies from an active Midwest harvest against rising demand with prices near two-month lows. Chicago Board of Trade November soybeans ended down 4 cents at $12.83-3/4 a bushel, while December corn was 1/4 cent lower at $4.82-3/4 a bushel. Basis values are quoted against CBOT futures in cents/bu: Curr Prev ent ious Bid Bid Chicago, Illinois Corn processors +0