Corn and soyabean spot basis bids were flat to narrowly higher in the US Midwest on Friday as farmers remained busy planting crops, limiting the flow of existing supplies to processors and elevators, grain merchants said. Soyabean bids gained by 2 cents per bushel at a processor in Sioux City, Iowa, and corn bids by 1 cent at an elevator in Council Bluffs, Iowa.
Soyabean bids eased by 5 cents at a river terminal in Davenport, Iowa, following declines earlier this week at other US river terminals as cheaper Brazilian supplies dominated global soya markets. Rains moved through much of the northern half of the Midwest, slowing fieldwork in some spots. Chicago Board of Trade corn futures hit a one-week high on worries wet and cool conditions could hamper crop development in the Midwest. However, the gains did not entice much selling from farmers. "Guys are out planting and that makes for a quiet day for us," said a grain buyer in Toledo, Ohio.
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