US Midwest corn, soya bids mostly steady to lower

Corn and soyabean spot basis bids were mostly steady to lower around the US Midwest on Friday, pressured by rising futures and scattered farmer sales of each commodity, grain merchants said. Steady trickle of sales seen around the Corn Belt as farmers continued to take advantage of the 2-1/2 year highs in both corn and soyabean prices.
Futures for both commodities opened weak Friday but closed strong as worries of tight stocks offset pressure from rains in Argentina and ideas of a slowdown in demand from China. Basis bids have fallen sharply since Wednesday, when the government slashed ending stock estimates for corn and soyabeans.