US Cash Grain-River corn weak, spotty farmer sales

CHICAGO: Spot basis bids for corn were weaker at US Midwest river terminals amid lackluster demand for the grain as the beginning of fall harvest approaches, dealers said.

* Corn and soybean basis bids at US Midwest processors and elevators held mostly steady to a touch weather amid spotty farmer sales of both commodities and scattered rain showers, dealers said.

* Light rain showers in portions of the US Midwest encouraged some farmers to book sales of new-crop supplies, a dealer said.

* Some soy processors lowered basis bids to remain competitive with other nearby plants.

* "As we get closer to harvest our competition moves bids lower," a dealer at a western Iowa soy processor said.

* Soybean bids slipped by 2 cents at the soy processor in western Iowa.

* Illinois corn yields fell more than 6 percent from a year ago as excessive heat and prolonged dry weather stressed crops throughout the summer and limited production potential in the second largest US corn state, scouts on an annual US crop tour said Wednesday.

* Chicago Board of Trade corn was 3 cents to 4 cents lower on profit-taking and soy was 5 cents to 6 cents lower on technical selling and lower crude oil.

Copyright Reuters, 2011