US Cash Grains-Soy, corn basis steady to higher amid slow selling

Basis bids for corn and soybeans were steady to higher in the U.S. Midwest on Friday as farmers remained reluctant to sell at low prices while the harvest was virtually finished.

The corn basis ticked up at a river terminal and an elevator. The soy basis rose at a river terminal.

Chicago Board of Trade soy futures rallied on Friday after China said it would cut its export incentives for used cooking oil, a move that could curtail the flood of imports into the U.S., market analysts said.

Corn futures rose on technical buying.

The U.S. corn and soy harvests are nearly over.

Most-active December corn CZ24 rose 5 cents to settle at $4.24 a bushel.

CBOT January soybeans SF25 finished up 11 cents to $9.98-1/2 per bushel.
Source: Reuters (Reporting by Heather Schlitz; editing by Jonathan Oatis)