US Cash Grains — Soy, corn basis flat to down as harvest advances

CHICAGO, Oct 14 (Reuters) — Basis bids for soybeans and corn were steady to weaker in the US Midwest on Wednesday as autumn harvests directed supplies to elevators and processors, dealers said. The active Midwest harvest pace weighed on US futures markets, with mostly favorable weather expected after midweek rain in some areas. Anecdotal field reports seem to signal that soybean yields could exceed a record high that the US Department of Agriculture predicted in a monthly report on Friday, consultancy StoneX said. The USDA kept its good-to-excellent condition rating for soybeans unchanged from last week at 57% in a weekly report on Tuesday. The agency raised its good-to-excellent rating for the corn crop to 56% from 54%. Chicago Board of Trade November soybeans settled 6-1/2 cents lower at $12.77-1/4 per bushel on Wednesday, while December corn was down 2 cents at $4.80-3/4 a bushel. Basis values are quoted against CBOT futures in cents/bu: Current Previous Bid Bid Chicago, Illinois Corn processors +0 + Z +0 + Z UNC Corn elevators +0 + Z +0 + Z UNC Soybean elevators -20 + X -20 + X UNC Wheat elevators -20 + X -20 + X UNC Wheat processors +10 + Z +10 + Z UNC Decatur IL corn +0 + Z +