Corn spot basis bids were mixed at elevators and processors around the U.S. Midwest while soy bids were steady to higher early Friday, a day after the U.S. government released its monthly crop report, dealers said.
* The USDA report projected a record large corn crop and tightening soy supplies. CBOT corn values fell following the report while CBOT soybean prices rose.
* Some dealers said farmers called to discuss to results of the report on Friday. Producers also inquired about CBOT values and cash market prices.
* Despite price inquiries dealers said farmers were slow to book crop sales.
* In the central and western Midwest farmers were busy with planting activity in areas weather conditions allowed, dealers said.
* Stellar seeding weather for corn and soybeans continued in the Midwest, leading to prospects for bumper crops.
* Soy bids were weaker at river terminals on softer export demand. Soy bids slipped 2 cents to 8 cents on the Illinois and Mississippi Rivers.
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