Basis bids for corn were steady to higher in the US Midwest interior on Thursday while soyabean bids were steady to mixed, with scattered rain prompting light sales of both commodities, merchandisers said. Storms halted fieldwork in most of the western corn belt and sections of Illinois, Indiana and Ohio on Thursday morning, prompting some increased farmer selling, they said. "Rain up here has started to move some grain," said one central Iowa grain merchant. Grain buyers raised corn basis bids in spots, seeking fresh supplies from the country, although recent declines in corn futures at the Chicago Board of Trade discouraged some sellers, merchandisers said.
"Farmers staring up at sub-$2 corn are not too crazy about it," one Iowa grain merchant said.
Corn basis was up 2 cents at Cedar Rapids, Iowa, and up 3 cents in Burns Harbour, Indiana. Basis bids firmed 2 cents in Lincoln, Nebraska, and a penny in Omaha.
Basis bids for soyabeans were mixed Thursday morning, with 2 cent gains posted in Morristown and Burns Harbour, Indiana, and in Omaha, Nebraska. Bids jumped 10 cents at the Lafayette, Indiana, crushing plant. But the basis dropped 5 cents in Lincoln, Nebraska.
River basis bids were higher for corn and steady to weak for soyabeans early on Thursday.
CIF values for corn and soyabeans were mostly steady early Wednesday, Gulf sources said.
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