US Cash Grain-Corn bids firm, processor soy eases

CHICAGO: Corn spot basis bids were steady to higher at US Midwest processors, elevators and ethanol plants on Wednesday, supported by slow farmer sales of old- and new-crop supplies, grain merchants said.

* Soybean basis bids fell at processing plants in Iowa and were also weak along the Mississippi River amid weak crush margins and sluggish export demand.

* Farmer sales of each commodity were slow even as futures rose, with corn climbing 1.4 percent on support from a strong cash market.

* Corn bids rose 10 cents at a Nebraska ethanol plant and 4 cents at large processor in central Illinois.

* But corn bids fell sharply at processor in Blair, Nebraska, where flood waters from the Missouri River could force a closure. Corn bids also eased at an elevator in Council Bluffs, Iowa, which also sits near the river.

* "We are accepting corn. We are business as usual. We are however working on contingency plans should waters reach up to the forecasted levels." a spokeswoman for Cargill corn milling told Reuters.

* Farmers in Ohio, which has been hammered by rains this season, planted corn in the southern part of the state, farmers and merchants said on Wednesday. June 5 is the last date in which farmers can get full insurance coverage if they are unable to plant in Ohio.

* Soybean bids climbed at an Indiana processor but fell at crushing plants in Iowa as margins continued to hover near a 2-1/2 year low.

Copyright Reuters, 2011