Spot corn bids were steady to slightly higher around the US Midwest on Wednesday as weak Chicago Board of Trade corn futures dragged on cash prices, dealers said. CBOT corn futures fell more than 2 percent pressured by increasing ethanol stocks, traders said.
Weaker cash prices kept farmers from selling while some growers in the western Midwest concentrated on delivering crops before already freezing temperatures fall further. Near Chicago, a processor corn bid rose by 3 cents per bushel and an elevator corn bid rose by 1 cent per bushel. An Indiana corn bid increased by 4 cents per bushel. Soybean spot bids held mostly steady.
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