Spot basis bids for corn and soybeans held mostly steady around the US Midwest on Thursday amid light farmer sales of each crop, grain merchants said. Some farmers turned bearish after corn futures fell for the fifth session in a row, closing at a two-week low. The growers sold portions of their old-crop supplies on ideas that prices may continue to fall.
Light soybean sales also seen as futures for the oilseed gained for the first time in four sessions. Most farmers remained bullish and delayed sales of both crops, content to wait for possible rally during the spring planting season. Corn and soy bids rose modestly at a terminal along the Mississippi River after falling sharply in recent days. The location increased bids to stay competitive with other nearby elevators even as barge freight costs weighed on river bids, a dealer said.
Bids for each commodity fell at large processor in Decatur, Illinois, but were mostly steady elsewhere in the region. Corn and wheat futures were pressured by gains in the dollar and falling stock prices while soybeans were propped up after a weak open by bargain hunters.
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