US Cash Grains-Corn ethanol bids firmer, river bids mostly weaker

CHICAGO: Corn spot basis bids were 1-2 cents per bushel higher at ethanol plants in Indiana and Nebraska on Tuesday and were mostly steady at other US Midwest processors as farmers continued to delay sales and futures extended losses, grain merchants said.

Chicago Board of Trade corn futures fell to a near three-week low amid broad-based selling in many commodities. The declines in futures offset the slightly higher corn basis bids in some areas, limiting the already scant selling interest from farmers.

Bids for corn and soybeans were mostly lower at Midwest river terminals, weighed down by higher shipping costs for river

barges and seasonally slowing export demand for US supplies as global buyers pivoted to cheaper South American supplies.