Palm | Kelapa Sawit

Aug 31 (Reuters) - Soybean basis bids continued to weaken in the U.S. Midwest farm belt on Friday on expectations of increased supplies from the harvest that is about to start, dealers said.

• Bids fell as much as 20 cents per bushel in Council Bluffs, Iowa, to 5 cents per bushel over the CBOT November contract; bids were down 45 cents for the week.

• River bids for soybeans in Iowa fell 10 cents per bushel, while prices were down 10 cents in Cedar Rapids, Iowa.

• Monday's USDA crop progress report showed that the corn harvest was 6 percent complete, but the cutting of soybeans had yet to begin.

• The remnants of Hurricane Isaac could bring 3 to 6 inches of rain to parts of the Midwest, and dealers were concerned that high winds could topple and damage the corn crop.