Corn, soy basis holds steady amid CBOT drop

Jun 10, 2024

Midwest basis stable despite futures decline


Basis bids for corn and soybeans in the U.S. Midwest held steady on Friday despite a drop in Chicago Board of Trade (CBOT) futures, leading to cautious grain sales by farmers.

Maxar forecasts mostly dry weather in the Corn Belt, aiding corn and soybean planting. Rain expected in the central and southern Plains will boost soil moisture but delay winter wheat drying.

Market awaits USDA's crop progress report for soybean crop condition ratings. Last week, 75% of U.S. corn crop rated good to excellent by USDA, exceeding expectations.

NOPA revises April soybean crush estimate to 169.436 million bushels, up from 166.034 million bushels.

July corn CN24 settles at $4.48-3/4 per bushel on CBOT, while July soybeans SN24 finishes at $11.79-1/4 per bushel after strong U.S. jobs report strengthens dollar.

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