US Cash Grains-Corn, soybean basis mostly steady to firm

CHICAGO: Corn and soybean spot basis bids were mostly steady to firmer at US Midwest elevators and processors on Wednesday as limited farmer selling kept supplies tight some processors and river terminals, grain merchants said.

Basis bids at ethanol plants were mixed.

Rainy weather and wet field conditions stalled spring planting in wide swathes of the Midwest. Forecasts for continued rains and cooler weather could keep farmers sidelined into next week, merchants said.

Weaker Chicago Board of Trade corn and soybean futures discouraged much selling as farmers aimed for higher prices before selling. CBOT May corn was 2 cents lower at $3.63 per bushel as of 11:57 a.m. CDT (1657 GMT) while May soybeans were 4-1/4 cents lower at $9.50-1/4.