CHICAGO: Spot basis bids for corn at elevators, processors and river terminals around the US Midwest on Wednesday were steady to higher, helped by increased end-user demand after farmers curbed sales, grain merchants said.
Some producers held back corn while awaiting direction from Chicago Board of Trade (CBOT) corn. Futures were rangebound ahead of the US Department of Agriculture's (USDA) monthly supply/demand reports on Friday.
Light farmer sales of soybeans underpinned bids at most Midwest processors and elevators. A Decatur, Illinois processor lowered soybean bids by 3 cents per bushel after filling inventories.
Most soybean bids at Midwest river terminals held steady, but bids at a Seneca, Illinois elevator dipped as warmer temperatures in the region thaw some frozen rivers in the state - allowing for increased barge traffic.
Caution before Friday's USDA grain reports and generally favorable weather in Brazil's crop growing regions pressured CBOT soybean for a third day in a row.
Analysts on average expect the USDA to raise its forecast of US 2017-18 soybean ending stocks, and raise its estimate of Brazil's soybean crop.
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