US Cash Grains-Corn bids steady to weaker on increased farmer sales

CHICAGO: Corn spot basis bids were steady to 2-3 cents per bushel lower in the US Midwest on Wednesday, pressured by gains in futures that triggered stepped up farmer sales, grain merchants said.

The pace of farmer selling slowed by late morning as Chicago Board of Trade corn futures reversed lower after failing to surpass Monday's multi-week highs. Most-active CBOT September corn down 2-1/2 cents at $3.86 per bushel as of 10:06 a.m. CDT (1506 GMT).

Farmers also sold small amounts of soybeans and soft red winter wheat to take advantage of recent steep gains in futures. Basis bids for soybeans and SRW wheat held mostly steady.