CHICAGO: Corn and soybean spot basis bids were steady to higher at processors and elevators around the US Midwest on Wednesday as they scrambled to fill inventories following a slowdown in sales of both grains by farmers, dealers said.
While some producers scaled back grain deliveries before the Christmas holiday, others waited for direction from Chicago Board of Trade (CBOT) corn and soybean futures, which barely budged during the quiet pre-holiday session.
Ample domestic and global corn supplies tempered modest short-covering CBOT corn market advances.
Plentiful soybean supplies at times pressured CBOT soybeans that periodically drew support from forecasts for limited rainfall in Argentina's crop growing regions.
Steady-to-firmer bids for corn and soybeans loaded on barges destined for US Gulf Coast exporters underpinned bids for grain at Midwest river terminals.
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