CHICAGO: Spot basis bids for corn, soybeans and wheat were mostly steady to firm in the US Midwest on Tuesday, supported by a slow pace of farmer sales at time when processors are trying to book old-crop supplies in light of uncertain new-crop prospects.
Basis bids for corn firmed by 13 cents a bushel at Cincinnati, Ohio, and by 2 to 5 cents at various ethanol plants and river elevators.
Soybean basis bids firmed at Cincinnati, at crushing sites in Morristown and Decatur, Indiana, and at a river elevator at Morris, Illinois, but the basis fell by 5 cents at a Cedar Rapids, Iowa, crusher.
Basis bids for soft red winter wheat firmed by 10 to 12 cents in Indiana.
The US Department of Agriculture late Monday said the US winter wheat harvest was 15pc complete, behind the five-year average of 34pc and an average of analyst expectations for 19pc.
The USDA rated 56pc of the corn crop in good to excellent condition, down from 59pc the previous week. Analysts on average had expected no change.
The USDA also said the US soybean crop was 85pc seeded, lagging the five-year average of 97pc.
In its first soybean crop ratings of the year, the USDA rated 54pc of the crop as good to excellent, below the average analyst expectation of 59pc.
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