US Midwest basis steady-firm, river weak

Corn and soyabean spot basis bids were steady to firm at processors, elevators and ethanol plants around the US Midwest early on Wednesday, supported by slow farmer sales and deliveries of the commodity, grain merchants said. But bids for each crop were weak on the Mississippi and Illinois rivers, pressured by satisfactory supplies in the export pipeline and a slightly lower basis in the CIF export market.
There was little selling interest early despite corn, soyabean and wheat futures gaining overnight. Many farmers are busy working on equipment or prepping fields ahead of spring plantings. Recent showers left some fields in the region too wet to work. Deliveries are likely to remain as the growers stay busy on their farms while some processors and elevators are already accepting deliveries to meet April contracts. Corn bids jumped 3 cents at a western Indiana ethanol plant while soya bids climbed 4 cents at a processor in Cedar Rapids, Iowa.