CHICAGO: Spot basis bids for corn were steady to higher at elevators and processors around the interior US Midwest early on Friday, while soybean basis bids were mostly steady to firm, grain dealers said.
Easing Chicago Board of Trade (CBOT) corn and soy futures prices on Friday discouraged most farmers from liquidating supplies.
Many growers have already taken advantage of a spring rally in prices to book sales for old- and new-crop grain.
Some growers, particularly in the eastern Midwest, have resisted booking new-crop deliveries due to uncertainty about this year's harvest.
More rain is expected across the Midwest over the next week so planting progress could be minimal. Excessive soil moisture, meanwhile, is likely to dent yield prospects for crops that have been seeded.
The spot corn basis bid at a large Archer Daniels Midland Co processing plant in Decatur, Illinois, rose by 6 cents to 20 cents a bushel over CBOT July futures, the strongest basis at the closely watched facility since February 2016.
Basis bids for corn and soy at river elevators, which load export-bound grain barges to Gulf Coast terminals, were unchanged.
The US Coast Guard reopened St. Louis harbor on the Mississippi River on Friday morning to northbound barge traffic.
Northern sections of the river have been largely closed to shippers since November due to winter closures followed by spring flooding that impeded boats and barges.
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