CHICAGO: Corn and soybean spot basis bids were steady to sharply higher at US Midwest river terminals and nearby processing plants on Wednesday, boosted by a slow pace of farmer sales that tightened supplies at some Gulf Coast export elevators, dealers said.
Soybean bids gained 4-6 cents per bushel along the Mississippi and Illinois rivers while corn bids were mostly 1-3 cents higher at river locations. Corn bids jumped 5 cents in Cedar Rapids, Iowa, at a processing plant that competes to buy grain with the river market.
Bids for soybeans and corn were higher in the CIF barge market on demand for barges bound for the Gulf.
Futures for both crops climbed at the Chicago board of Trade but the gains in futures and basis failed to entice significant farmer selling, with many growers busy with spring plantings.
"Farmers are pretty entrenched in planting," a northwest Ohio grain buyer said. "It's going to take something really flashy for them to look at anything but the steering wheel of their tractor."
The US Energy Information Administration said output of corn-based ethanol and stocks of the biofuel increased in the week ended May 12.
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