US Cash Grains-Corn, soy bids firm as rains slow harvest

CHICAGO: Corn and soybean spot basis bids were steady to slightly higher in the US Midwest on Wednesday as farmer sales remained light and rains continued to slow the harvest, grain merchants said.

* Flat soybean futures and lower corn futures also failed to entice farmers, forcing grain buyers to lift cash basis bids in efforts to spark sales.

* Corn bids increased for the second straight day at an ethanol plant in Annawan, Illinois, while soybean bids were up 3 cents at an elevator in Toledo, Ohio.

* The US Department of Agriculture late on Tuesday said the US soybean harvest was 36 percent complete and the corn harvest 22 percent done as of Sunday. Both were below analysts' expectations and the five-year average harvest pace.