Spot basis bids for corn and soyabeans were steady to firm around the US Midwest on Thursday as corn futures plunged more than 2 percent and soyabeans also dropped, bringing country sales of each commodity to a halt, grain merchants said. Light corn sales were noted in western Iowa, with some farmers selling on ideas that corn prices could decline beyond their 2-1/2 month low notched Thursday in the of USDA's annual plantings report due early Friday.
But sales were nearly non-existent elsewhere as cash corn prices dropped below the psychological threshold of $6 per bushel at a few locations. Corn bids in Decatur, Illinois, firmed by 5 cents to the highest level in two weeks, while the corn basis was also firm at a western Iowa elevator and northern Illinois processor. Soya bids were higher on the Illinois River and western Iowa elevator, but bids were weak in Toledo, Ohio, pressured by slow demand for the oilseed, a merchant there said.
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