CHICAGO: Spot basis bids for soybeans tumbled at US Midwest river terminals on Tuesday, reversing from Monday's upward movement tied to export demand, while corn bids were steady to lower, grain merchants said.
River soy basis bids declined by 2-10 cents per bushel along the Mississippi and the Illinois rivers as supplies were
abundant enough to handle firm export demand.
"We're tight on space. Farmers are selling soybeans and we are full," an Ohio grain merchant said.
Soybean futures traded at Chicago Board of Trade reached the highest since a month, while corn futures were near a three-month high in a recovery after contract lows early in September.
Corn basis bids declined by 3 cents at elevators in Ohio and Nebraska and by 5 cents at an Iowa ethanol plant.
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