US Midwest corn, soya bids unchanged

Spot basis bids for corn and soyabeans at processors and elevators around in the US Midwest were unchanged on Thursday, merchants said. Farmer selling of both crops declined after grain futures reversed recent gains. Rain in Argentina and profit-taking pressured Chicago Board of Trade corn. Investors also tweaked position ahead of the US Department of Agriculture's monthly supply/demand report due on Friday. Soyabeans posted their steepest drop in 2-1/2 months on profit-taking and pre-report positioning.