CHICAGO: Spot basis bids for corn at elevators and processors around the US Midwest on Wednesday were mainly unchanged and mostly steady to higher for soybeans, merchants said.
Recent rains in parts of the Midwest tempered farmer selling, which underpinned cash bids and lifted Chicago Board of Trade corn futures.
Also processors delayed grain deliveries while anxiously waiting for soggy fields to dry out in order to plant crops.
Rain-swollen waterways reduced barge traffic, providing support to some corn bids along river terminals.
Sluggish soybean movement, and tight processor inventories, resulted in as much as 4 cents per bushel higher bids in the Midwest.
Rising river waters firmed soybean bids at a Seneca, Illinois elevator. Reduced bean demand pressured bean bids elsewhere.
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