US Cash Grains-Corn, soy basis bids mostly unchanged

CHICAGO: Most spot corn and soybean basis bids on Friday at elevators and processors around the US Midwest held steady on light farmer sales as corn futures gained slightly and soybean futures slipped in weekend positioning, merchants said.

Chicago Board of Trade corn garnered modest short-covering support that was limited by sentiment that traders may have already factored in a potentially huge big corn harvest.

Expectations of a record bean crop weighed on the soybean futures at the exchange.

Soybean basis bids at western Illinois and Mississippi River terminals mostly firmed due to increased demand for the product that was loaded and shipped to the US Gulf.

Basis bids for corn at those locations were generally weaker.