CHICAGO: Spot basis bids for corn and soybeans were mostly steady to firm around the US Midwest early on Thursday, grain dealers said.
Farmer sales were spotty, with strength in the futures market, combined with the basis gains, enticing some growers to book sales on crops they have been holding in commercial storage bins.
But most growers were reluctant to commit to new deals, with weather concerns stoking bullish expectations for both old-crop and new-crop supplies, a northern Ohio dealer said.
Concerns about harvest shortfalls due to the weather was dissuading farmers from booking deals for supplies they might not be able to deliver in the fall, dealers said.
Although the basis was mostly steady to firm, bids for soybeans fell by 1 cent per bushel in Cincinnati, Ohio. The soybean basis had jumped by 7 cents per bushel in that area earlier this week.
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