US Cash Grains-Corn bids ease on river after CIF declines; soy flat

CHICAGO: Corn spot basis bids were mostly lower at US Midwest river terminals on Wednesday, pressured by recent declines in bids for grain barges after heavy rains along the US Gulf Coast, grain merchants said.

The rainfall this week slowed or halted loadings of ocean vessels at Gulf export terminals, reducing demand and weighing on prices for supplies shipped from the Midwest.

The corn basis declined by 6 cents at a elevator along the lower Ohio River and by 5 cents at an elevator along the Mississippi River.

Bids for corn and soybeans were mostly steady elsewhere in the Midwest as farmers continued to delay sales and as some commercial elevators boosted sales to meet demand from exporters and processors.