Chicago Board of Trade corn futures were headed for their third straight session of declines and were near life-of-contract lows notched about two weeks ago. Corn prices have followed steeper drops in wheat futures.
The lower corn prices helped to bolster demand, with basis bids rising by 2 to 5 cents per bushel. But many farmers were unwilling to sell at such low prices.
Bids for both corn and soybeans fell sharply at a terminal in Cincinnati, Ohio, pressured by a spike in barge shipping costs amid limited empty vessels on the lower Ohio River. Grain handlers typically are willing to pay less for crops when it costs more to ship them.
Soybean bids also weakened at some elevators along the Illinois and Mississippi rivers as bids from Gulf Coast shippers ebbed due to sufficient soy supplies available to exporters.