US Cash Grains-Corn, soy bids steady to firmer on limited sales

CHICAGO: Spot basis bids for corn and soybeans were steady to higher in the US Midwest on Monday, bolstered by declines in futures that limited farmer sales of each commodity, dealers said.

Dry weather conditions over the past few days also allowed farmers to plant corn, slowing deliveries of the crops to processors and elevators and further underpinning the basis.

Basis bids edged higher at elevators along Midwest rivers as flood waters receded. Elevators were expected to resume barge loadings as Mississippi River traffic was seen reopening near St. Louis.

Soybean bids also gained by 2 cents per bushel at a processor in Morristown, Indiana.