Corn spot basis bids were firm at river terminals around the US Midwest on Wednesday, supported by a 4.5 percent decline so far this week in corn futures that brought farmer sales of the grain to a halt, dealers said. The corn basis in the CIF barge market also climbed modestly after hitting a two-month low earlier this week, further supporting bids at terminals along the Mississippi and Illinois rivers.
Soybean spot basis bids fell the third straight day on the Illinois River, pressured by a lull in export demand as foreign importers instead purchase cheaper supplies from South America. Bids for both soybeans and corn held steady at interior processors, elevators and ethanol plants. A grain merchant in Toledo, Ohio, said farmers there were light sellers of new-crop corn. But few marketings were seen elsewhere as farmers hold out for higher prices.
Growers were also busy in the fields - tilling soils, applying fertiliser and working on equipment. Corn plantings could be widespread in the southern Midwest as early as next week amid record warmth and largely dry conditions. US soybean prices rebounded on Wednesday after a two-day sell-off on talk of Chinese demand and worries that US farmers might not plant enough soybeans this spring to meet global needs. But corn fell for a third day on long liquidation ahead of two US crop reports next week.
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