Global grain and oilseed markets

Spot rates for corn and soybeans remained mostly unchanged at elevators, processing plants, river, and rail terminals during a spot check in the Midwest on Tuesday. Basis prices for corn rose by 5 cents and for soybeans by 10 cents at a processing plant in Decatur, Illinois. Basis prices remained unchanged at all other plants according to the spot check. Soybean futures on the Chicago Mercantile Exchange rose for the second consecutive session on Tuesday as the U.S. Department of Agriculture (USDA) lowered its forecast for the U.S. crop, noting that farmers planted fewer acres of the oilseed than previously expected. The USDA forecasts an average U.S. soybean yield of a record 53.6 bushels per acre compared to the July estimate of 52.5 bushels per acre and analysts' expectations of 52.9 bushels per acre. The agency, however, reduced its production estimate to 4.292 billion bushels from 4.335 billion in July. According to the agency, farmers planted 80.9 million acres of soybeans ...