CHICAGO: Corn and soybean spot basis bids at elevators and processors around the US Midwest on Tuesday were steady to firm on minimal farmer sales following the pullback in futures prices for both grains, merchants said.
Chicago Board of Trade corn and soybeans stumbled on forecasts for moderating temperatures next week on the heels of a hot spell over the weekend.
Prolonged periods of extreme heat and insufficient moisture typically can stress crops and hurt yields in important growing regions.
Strong crop conditions and progress data from the US Department of Agriculture late on Monday contributed to Tuesday's market selloff.
Corn and soybean basis bids along the Mississippi River gained as light farmer selling underpinned demand for product shipped on barges to the US Gulf Coast.
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