CHICAGO: Spot corn basis bids at elevators and processors around the US Midwest held steady on Tuesday, with soybean bids steady to firmer, after the pullback in futures for both grains tempered farmer selling, merchants said.
Chicago Board of Trade corn slipped on generally favorable weather conditions and the US Department of Agriculture strong crop ratings late on Monday.
The USDA rated 75 percent of the US corn crop in good to excellent condition, up from 74 percent the previous week.
The Pro Farmer Midwest Crop Tour is expected to confirm improving crop prospects as scouts travel to the center of the Corn Belt over the next few days.
Technical selling and historically strong US crop condition ratings weakened CBOT soybeans.
On Monday, the government rated 72 percent of the US soybean crop as good to excellent, unchanged from the previous week and in line with trade expectations.
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