CHICAGO: Spot basis bids for corn and soybeans were steady to higher around the US Midwest on Thursday on support from slow farmer sales and deliveries of each commodity, grain merchants said.
Growers focused on preparing for corn plantings, not on making fresh sales, especially following corn futures steep decline on Wednesday.
Some processors, elevators and ethanol plants are accepting deliveries on contracts signed for delivery during the month of May but movement of both crops has been limited, the dealers said.
Corn bids were firm at elevators, river terminals and ethanol plants while soy bids rose on the river and at processors across the region.
Soft red winter wheat bids were steady.
USDA put soybean export sales last week at a seven-week high while sales of corn fell 22 percent after prices for the grain notched a record top.
Barge freight costs eased, supporting bids on Midwest rivers.
CBOT corn, soybeans and wheat were all trading nearly unchanged early on Thursday ahead of the extended holiday weekend.
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