CHICAGO: Spot basis bids for corn and soybeans at elevators and processors around the US Midwest on Thursday were flat to uneven, reflecting mixed demand and sales before next week's Thanksgiving holiday, said merchants said.
Corn bids at Midwest river terminals were supported by the slowdown in farmer sales that also firmed bids for corn loaded on barges headed to US Gulf Coast shippers.
The US Department of Agriculture (USDA) reported export sales of US corn for the week ended Nov. 9 at 954,500 tonnes (old and new crop years combined). It came in below trade expectations for 1.2 million to 1.9 million tonnes.
Tightening pre-holiday supplies underpinned regional river market soybean bids. But sufficient inventory at a Seneca, Illinois river elevator dropped soybean bids there by 2 cents per bushel.
The USDA reported export sales of US soybeans in the latest week at 1,176,900 tonnes (old and new crop years combined), close to trade expectations for 1.1 million to 1.55 million tonnes.
Corn spot basis bids at ethanol plants in the Midwest were steady to up as much as 7 cents per bushel, fueled by tight supplies as farmers in the area curbed sales.
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