CHICAGO: Spot basis bids at elevators and processors around the Midwest on Monday were steady to weaker in anticipation of strong US crop prospects, grain merchandisers
said.
Last Friday Pro Farmer, a farm advisory service, projected US 2016 corn production at a record-high 14.728 billion bushels, with a yield of 170.2 bushels per acre.
They projected the US 2016 soybean harvest at a record 4.09 billion bushels, with a yield of 49.3 bushels per acre.
Chicago Board of Trade grain futures investors awaited the US Department of Agriculture weekly crop progress report due later on Monday. The data is expected to show no change in US condition ratings for corn and soybeans.
Basis bids for corn and beans at river terminals were steady to firmer on increased demand and freight rate costs for product shipped by barge to the US Gulf Coast.
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