CHICAGO: Cash basis bids for corn and soybeans were largely steady at interior elevators and most processors around the US Midwest on Tuesday and mixed at barge-loading river terminals, grain dealers said.
A soybean crush plant in Lafayette, Indiana, raised its spot basis bid by 7 cents a bushel, while bids remained flat at other processors.
Sinking Chicago Board of Trade (CBOT) futures prices on Tuesday kept a lid on new farmer sales. A futures rally last week to highs not seen since 2014 had triggered broad farmer sales that replenished supplies at elevators and processing plants.
CBOT corn futures dropped more than 1% on Tuesday, while soybean futures tumbled by more than 2%.
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