Corn spot basis bids were firm at river terminals in the US Midwest on Wednesday due to a pickup in exporter demand and continued slow movement as farmers planted their corn crop.
Flat CBOT corn futures and declines in soyabeans also provided little incentive for farmers to sell grains. River corn bids in Iowa gained 2-1/2 cents per bushel, and soyabeans rose 1 cent. In Illinois, river corn firmed 1/2 cent but soyabeans were steady, the merchants said. Demand from exporters looking to buy corn were behind the gains.
Corn seedings were gaining pace amid largely clear skies in the Midwest, although the region has seen temperatures drop. US soyabeans declined half a percent on Wednesday as investors booked profits a day after prices hit a seven-month high, while wheat rose due to a lower dollar and to a cold snap that threatened the newly sown spring wheat crop and some of the more mature US winter wheat.
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