CHICAGO: Spot soybean basis bids on Thursday at elevators and processors around the US Midwest were generally steady to firmer, and mostly unchanged for corn, as futures for both grains slipped, said merchants.
The prospect of a huge US harvest sparked Chicago Board of Trade soybeans selling that spilled over into corn futures.
Increased demand from some processors supported some soybean bids while sufficient supplies of the product kept a lid on corn bids.
Thursday morning's US Department of Agriculture weekly export data showed old-crop soybean export sales of 177,900 tonnes and new-crop export sales of 1.598 million tonnes, both in line with market expectations.
USDA reported old-crop corn export sales in the latest week totaled 167,400 tonnes, below market forecasts. New-crop corn export sales were 1.043 million tonnes, in line with trade expectations.
River terminal corn basis bids were narrowly mixed and mostly steady for soybeans.
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