CHICAGO: Spot basis for soybeans and corn were mostly steady to higher in the US Midwest on Tuesday, grain merchants said.
Processor soybean basis bids rose by 5-10 cents per bushel, while corn basis bids increased by 1-9 cents at an Indiana ethanol plant, Nebraska processor and an Ohio elevator.
Soybean futures continued to fall after two days of sharp decreases, while corn futures rose slightly after two days of declines. Chinese soybean futures fell on concerns about tighter regulations on speculation. This decline is the market correcting from last week's jump in prices, according to an analyst at CRU consultancy. China is the leading soy importer.
US soy exporters sold 121,500 metric tons to China and 126,000 metric tons to unknown destinations, according to the US Department of Agriculture.
According to the USDA, US corn harvest was at 93 percent and soybean at 97 percent completion.
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