CHICAGO: Spot basis bids for soybeans were steady to firm at processors around the US Midwest and steady to weak at interior elevators and river terminals on Wednesday, grain dealers said.
Cash bids for corn were mixed at processors, river terminals and ethanol plants and steady to firm at interior elevators.
Farmer sales of both commodities were slow in the cash market as the third straight day of gains in corn futures and the second straight day of gains in soybean futures had boosted farmers' expectations for further sales.
Earlier this week, dealers reported an uptick in sales of corn and soybeans that they had been holding in storage bins since last fall's harvest as the futures market surged.
Growers had listed their next price targets for old-crop soybeans at $8 a bushel, a dealer in Council Bluffs, Iowa, said.
The cash price in Council Bluffs was around $7.84 a bushel on Wednesday morning.
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