US Midwest corn bids mostly steady

Corn spot basis bids held mostly steady around the US Midwest on Thursday after futures hit a record high and farmers sold small portions of their old-crop supplies, grain merchants said. CBOT corn futures surged to a record of $7.93 per bushel, before paring gains, after the US Agriculture Department slashed corn seedings by 1.5 million acres (607,100 hectares).
Growers across the region sold only modest amounts of their supplies from on-farm storage and scant amounts of the supplies they expect to harvest later this year. With corn cash prices climbing above $8 per bushel at several locations while the crop is still emerging, most farmers are bullish and willing to delay sales in the hopes that prices will rise further.