Corn spot basis bids held steady to a touch firmer at processors, elevators and river terminals around the US Midwest on Wednesday, buoyed by slow farmer offerings as CBOT corn values fell, grain merchants said. CBOT March corn fell 2.4 percent on Wednesday, the largest decline in nearly a month.
Light sales were noted in the Western Corn Belt in previous days but farmer interest in selling and marketing corn quickly tapered off as CBOT corn values dropped, dealers said. A processor corn bid improved by 10 cents near Chicago, by 2 to 3 cents at Illinois elevators, and by 1 cent on the Mississippi River. Soya spot basis bids were mostly steady, however a couple processors lowered their bids amid softer demand for US soya.
A terminal on the Mississippi River near Davenport, Iowa plans to load one last soyabean barge this week then will likely close for the season, a dealer at the location said. An elevator soya bid slipped by 2 cents in Illinois and also slipped by 10 cents at processor in Des Moines, Iowa. Some farmers still have corn in the fields in portions of Ohio, but were nearly done with harvest that has been delayed by wet and rainy conditions, a dealer in northern Ohio said. US grain futures fell on Wednesday, with wheat shedding 3.3 percent, in tandem with other commodities as the dollar surged on concern about the lack of a solution to the euro zone debt crisis.
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