CHICAGO: Corn and soybean spot basis bids at river terminals around the US Midwest were steady to higher on Monday, helped by isolated selling of both crops by farmers, said grain merchants.
Steady-to-firmer bids for corn and soybeans loaded on barges headed to US Gulf Coast terminals for export further supported river elevator grain bids.
Chicago Board of Trade corn futures gained modestly on Monday, aided by weather uncertainty in the Midwest during this month's corn pollination period.
Soybean contracts at the CBOT benefited from technical buying and conflicting weather forecasts. Futures edged upward ahead Monday morning's National Oilseed Processors Association monthly crushing data.
Corn bids at Midwest elevators and processors were mostly unchanged, but sufficient inventories dropped bids at a Cincinnati, Ohio elevator by 4 cent per bushel.
Adequate soybean supplies were behind mostly steady to lower bids at regional elevators and processors. But a Decatur, Illinois processor upped bids by 2 cents per bushel to encourage farmer selling.
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