CHICAGO: Spot basis bids for corn and soybeans were mostly steady to higher in the US Midwest on Monday as modest gains in futures failed to generate significant farmer sales of the crops, grain merchants said.
Supplies were tightening seasonally at some processors and river terminals as some dealers boosted their basis bids in efforts to entice farmers to deliver old-crop stocks before the harvest in about a month.
Corn bids gained by 7 cents per bushel at a closely watched processor in Decatur, Illinois, and edged 2 cents higher at a processor in Cedar Rapids, Iowa. Soybean bids climbed 5 cents at a processor in Council Bluffs, Iowa.
Bids for both commodities had a firm tone at terminals along the Mississippi and Illinois rivers.
US Department of Agriculture data showed weekly US soybean export inspections for the week ended Aug. 3 were better-than-expected at 685,697 tonnes and the agency also said exporters sold 206,000 tonnes of soybeans to unknown destinations within the past 24 hours.
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