CHICAGO: Corn spot basis bids were steady to lower in the western half of the US Midwest on Tuesday, pressured by increased farmer sales after futures jumped to a three-week high on Monday, dealers said.
The corn basis eased by 2-3 cents per bushel at processors and river terminals in Nebraska, Iowa and Illinois while bids held steady in the eastern Midwest states of Indiana and Ohio.
The pace of corn farmer sales slowed early Tuesday as Chicago Board of Trade corn futures eased, with the July contract down 3 cents to $3.72 per bushel at 10:04 a.m. CDT (1504 GMT).
Soybean bids were largely unchanged across the region, supported by very limited farmer sales.
The US Department of Agriculture said exporters sold 126,000 tonnes of US soybeans to unknown destinations.
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