CHICAGO: Corn spot basis bids were mostly steady to firmer at US Midwest processors and river terminals on Tuesday, underpinned by a slow pace of farmer sales and limited harvest deliveries, grain merchants said.
Some farmers were harvesting their soybeans before corn, resulting in increased soy inventories and minimal new corn supplies. Harvest progress was roughly even as of Sunday, with
the soy harvest 10 percent complete and the corn harvest 11 percent done, US Department of Agriculture said on Monday.
Corn bids climbed by 2 cents per bushel at a closely watched processor in Decatur, Illinois, late on Monday while soybean bids fell 7 cents at that location. Corn bids also gained at ethanol plants in Illinois and Indiana even as bids eased at a wet corn mill in Cedar Rapids, Iowa.
Soy bids tumbled by as much as 16 cents per bushel at a river terminal in Davenport, Iowa, as harvest accelerated amid mostly hot and dry weather conditions that allowed farmers to rapidly work fields.
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