CHICAGO: The bulk of spot basis bids for corn at elevators and processors around the US Midwest were flat to down slightly on Monday, grain merchants said.
Demand for corn remained soft after more new-crop corn entered the mix as farmers ramp up fall harvesting efforts. But a Decatur, Indiana elevator hiked bids by 5 cents per bushel to shore up inventory.
The accelerated harvest pace weighed on most corn bids at Midwest river terminals. However, good demand for grain loaded on barges for the US Gulf Coast boosted bids by 11 cents per bushel at a Seneca, Illinois elevator.
Soybean bids at processor and elevators in the Midwest for the most part held steady, but fell 5 cents per bushel in Decatur, Illinois as supplies of newly harvested soybeans start to build.
River terminal soybean bids were mainly higher, led by solid demand for grain destined to US Gulf Coast shippers.
Spot barge freight rates in major markets in the Midwest surged to their highest in three years as low water cut barge drafts and as demand to haul newly harvested grain was strong, said traders.
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