Spot basis bids for corn and soyabeans were mostly steady to higher at US Midwest river terminals and processors on Wednesday, supported by good demand and a relatively slow pace of farmer sales, grain merchants said. Some farmers increased sales after Chicago Board of Trade corn futures hit a seven-month high and soyabean futures hovered near multiweek highs. But many growers were holding back sales in the hopes of even higher prices.
The corn basis gained 5 cents per bushel along the Illinois River, extending the week's basis gains to 9 cents amid higher bids for corn in the barge export market. Bids also gained at a corn elevator in Burns Harbor, Indiana. Soyabean bids were higher on the Illinois River and at an elevator in Council Bluffs, Iowa, as farmer sales of soyabeans have been light for weeks. However, ample supplies following last year's record-large US corn and soyabean harvests capped basis gains and weighed on bids at some locations.
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