CHICAGO: Corn spot basis bids were mostly steady to slightly lower in the US Midwest on Thursday as some commercial elevators boosted sales to ethanol plants and river terminals, satisfying demand even as farmers continued to delay grain sales, merchants said.
Corn bids declined by as much as 5 cents per bushel at an ethanol plant in western Illinois and the basis eased 2 cents at an eastern Indiana ethanol plant and a river terminal in Illinois along the Mississippi River.
Many farmers were balking at the lowest corn futures in about two years, putting off sales of existing supplies and what they intended to harvest later this year in the hopes of a rebound in corn futures.
Elevators were clearing out space for the looming autumn harvest and taking advantage of seasonal basis gains at a time of year when supplies typically run thin.
Soybean bids fell sharply at two elevators in Toledo, Ohio, and were steady to higher at river terminals and soy processing plants. Bids gained for the second straight day at processors in Iowa amid slow farmer sales and good soybean demand.
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