US Cash Grains — Soy processors lower basis bids as harvest rolls on

CHICAGO, Oct 14 (Reuters) — Spot basis bids for soybeans fell at some processing facilities in the US Midwest on Wednesday because active harvesting was providing an increase in fresh supplies, grain dealers said. Corn basis bids rose at some processing facilities as farmers have focused on harvesting soybeans before corn. This has limited supplies of freshly harvested corn. The soybean basis softened by 10 cents a bushel at a processing plant in Lincoln, Nebraska, and by 5 cents each at plants in Cedar Rapids and Council Bluffs, Iowa. Ethanol plants in Annawan, Illinois, and Council Bluffs, Iowa, increased their corn bids for delivery by October 17. Harvesting was 46% complete for soybeans and 33% complete for corn as of Sunday, the US Department of Agriculture said on Tuesday. Harvest progress remained below average for both crops after rain interrupted field work in late September. Analysts, on average, had expected the USDA to report that farmers had finished harvesting 44% of soybeans and 38% of corn, according to a Reuters poll. Rain will slow harvesting on Wednesday and Thursday before drier weather in the central US improves conditions for field work into next week, forecas