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:

NOTE: 0 = Option Price, UNC = Unchanged, UNQ = Unquoted, NC = Not Comparable, DP = Delayed Price, N/A = Not Available, F = January, H = March, K = May, N = July, Q = August, U = September, X = November, Z = December

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LINKS:

For US forward basis spreadsheets, please click on:

- CBOT corn report COR/

- CBOT soybean report SOY/C

- CBOT wheat report WHE/C

- US grain barge freight values BG/US

- US Midwest cash grain AM GRA/M

- US CIF/FOB Gulf Grain GRA/F