CHICAGO: Corn and soybean spot basis bids were mostly lower at US Midwest river terminals on Monday, pressured by the advancing harvest and as freight costs increased on the waterways, grain merchants said.
Shipping costs spiked on the Mississippi, Illinois and Ohio rivers as traders sought vessels to haul freshly harvested supplies to US Gulf Coast export terminals.
Corn and soybean bids each declined on the Illinois River while soy bids also eased along the Mississippi River. Grain shippers typically are less willing to pay up for corn and soybeans when it costs more to ship the commodities.
However, rain delays to the harvest in some parts of the Midwest slowed deliveries and underpinned bids. The corn basis was firm on the Mississippi in Davenport, Iowa, and in Toledo, Ohio, the dealers said.
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