US Cash Grains-Corn basis steady to weak; soy bids mixed

CHICAGO: Spot basis bids for corn were mostly steady to weaker in the US Midwest on Wednesday while farmer offerings of corn and soybeans were light.

Basis bids for soybeans were mixed, with the basis falling at Seneca, Illinois, on the Illinois River, in response to weak demand at the US Gulf export terminal.

Producers and traders await market direction from the US Department of Agriculture's monthly supply/demand reports due on Aug. 12.

Analysts surveyed by Reuters on average expect the USDA in the Aug. 12 reports to lower its forecasts of US corn and soybean production, but estimates ranged widely.