US Midwest corn and soya bids mostly steady

Spot basis bids for corn and soyabeans held mostly steady at US Midwest processors and elevators on Tuesday as farmers sold small portions of both crops ahead of Wednesday's government crop report. USDA will release its January crop production report at 7:30 am CST (1300 GMT) on Wednesday and is expected to put corn stocks at a 15-year low and keep soya stocks at the same level as last year.
Some farmers sold portions of both crops on Tuesday in case futures fall dramatically following the release of the report. The sales were mostly for new-crop supplies that the growers expect to harvest later this year, said a dealer in western Iowa. Many farmers remained bullish and on the sidelines, willing to wait to see if prices rise past the more than two-year highs set early last week.