US Cash Grains-Corn, soybean basis steady-firm as futures dip

CHICAGO: Spot corn and soybean basis bids were steady to higher at processors and elevators around the US Midwest on Monday on slow grain movement and lower futures prices, grain merchants said.

The US soybean harvest is expected to be 95 percent done as of Sunday and the corn harvest is 83 percent complete, according to analysts polled by Reuters. The US Department of Agriculture will update its weekly crop progress report later on Monday.

Chicago Board of Trade corn futures retreated on Monday and soybean futures fell to a one-month low, pressured by plentiful supplies.