CHICAGO: Spot basis bids for corn and soybeans were flat to higher in the US Midwest on Thursday, with prices at some processors and river terminals extending recent gains as farmer offerings remained seasonally light, grain merchants said.
Farmers were focused on spring plantings, mostly sowing corn seeds in fields that were not too wet. The plantings limited deliveries of supplies left over from last year's harvest. Chicago Board of Trade corn and soybean futures also were trading within narrow ranges, failing to entice selling from farmers who were holding out for higher prices.
Corn bids jumped by as much as 4 cents per bushel at an ethanol plant in Council Bluffs, Iowa, bringing the basis gains so far this week at that location to 11 cents. Corn bids also rose slightly for the second time this week at a river terminal in Savanna, Illinois.
Soybean bids jumped by 5 cents late on Wednesday at a closely watched processor in Decatur, Illinois. Bids for soft red winter wheat climbed by 5 cents at a key delivery point in Toledo, Ohio.
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