CHICAGO: Spot basis bids for corn and soybeans were mostly steady to higher at US Midwest processors and river terminals on Tuesday as rains slowed the harvest and limited the flow of fresh supplies to market, dealers said.
Bids for soybeans delivered in the first half of the month jumped by 15 cents per bushel at a processor in Council Bluffs, Iowa, while bids for both soy and corn were 2-5 cents higher at terminals along the Mississippi, Illinois and Ohio rivers.
Rangebound trade in corn and soy futures kept farmer offerings to a minimum, further supporting cash bids, with many growers willing to delay sales in the hopes prices rise.
Rain delays to the harvest were most pronounced in northern Iowa, Illinois and Wisconsin but there was little threat for crop damage, the Commodity Weather Group said in a note.
The US Department of Agriculture was due to update harvest progress and crop conditions in a weekly report due at 3 p.m. CDT (2000 GMT).
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