Spot basis bids for corn and soyabeans were steady to narrowly mixed around the US Midwest on Wednesday as futures fell sharply and sales of each crop remained slow, dealers said. Farmers stayed on the sidelines as soya futures fell 1.6 percent and corn futures plunged before trimming losses late. Huge gains in the dollar weighed on commodities despite USDA decreasing estimates for the corn and soyabean yield in its monthly supply and demand report.
"No one want to sell anything on a down day," said a grain buyer in western Iowa, where corn bids increased by 3 cents per bushel. Corn and soyabean bids were also firm on the Mississippi River but soya bids fell on harvest pressure in northern Ohio while corn bids edged 2 cents lower in Decatur, Illinois.
Recent rains are expected to delay the last stages of the corn and soya harvest this week, further supporting bids. The US corn supply is tightening, partly due to rising Chinese demand and a cut in yields after a year of tumultuous weather swings.
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