US Midwest corn bids higher

Corn spot basis bids were higher at a processor in Decatur, Illinois, and an elevator in northern Indiana on Thursday, supported by a slow pace of farmer sales, grain merchants said. Farmers finished the harvest of a record-large US crop more than a month ago, and they were unwilling to sell significant volumes of their supplies out of storage as Chicago Board of Trade prices traded in a narrow range.
The growers were hoping prices reach $3.75 to $4.00 per bushel before resuming sales, with cash prices in much of the Midwest at $3.50 per bushel or less. The processor in Decatur also rolled its soyabean basis to Chicago Board of Trade March soyabean futures from the January contract, while bids were mostly flat elsewhere.