Spot corn basis bids were mostly steady to weaker in the US Midwest on Friday as rising futures prices sparked farmer selling, grain dealers said. Soyabean basis bids also were mostly steady to lower. Corn basis bids dropped by 6 cents in Morris, Illinois, and by a penny in Burns Harbor, Indiana, merchants said. A river terminal in Davenport, Iowa, saw its busiest day of corn buying this year, a merchant said. The terminal kept its corn and soya bids unchanged from Thursday.
A processor in Decatur, Illinois, dropped its soyabean bid by 5 cents and kept its corn bid steady. Corn futures surged more than 2 percent, with the benchmark contract rising above $4 a bushel to its highest level in nearly five months. Soyabean futures closed higher for the eighth time in nine sessions.
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