US Cash Grains-Good demand supports corn, soy basis bids

CHICAGO: Spot basis bids for corn and soybeans at processors and elevators in the US Midwest drew support from improved demand after farmers curtailed sales of both grains, said grain merchants.

Farmers were reluctant to move corn and soybeans in anticipation of better money for their crops if futures prices can shrug off recent losses.

Reduced corn bids for barges headed to US Gulf Coast exporters depressed bids at a river terminal in Morris, Illinois by 6 cents per bushel. Soybean bids at the same elevator were up a penny, aided by light farmer selling.