US Cash Grains — Soybean bids steady to up as harvest moves forward

CHICAGO, Oct 16 (Reuters) — Basis bids for soybeans were steady to higher at processing sites on Friday, spot checks showed, as farmers pushed forward with autumn harvests. Processors raised their bids by 10 cents a bushel each in Decatur, Illinois, and Lafayette, Indiana. A processor in Blair, Nebraska, raised its corn basis by 10 cents. Traders and farmers continued to assess the quality of recently harvested soybeans, as some have shown signs of discoloration due to wet weather before harvests began. US soybean futures dropped to a seven-week low while corn futures neared a two-month low as dry Midwest weather expected over the coming week was likely to fuel rapid harvesting progress. The US Department of Agriculture is slated to release an update on corn and soybean harvesting progress in a weekly report on Monday. 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 -5 + Z +0 + Z DN 5 Soybean elevators -20 + X -20 + X UNC Wheat elevators -20 + X -20 + X UNC Wheat processors +30 + Z +10 + Z UP 20 Decatur IL corn -5 + Z -5 + Z UNC Decatur IL soybeans +10 + X +0 + X UP 10 Burns Harbor