Corn spot basis bids were firm at river terminals and processors around the US Midwest on Wednesday, supported by slow farmer sales, while soyabean bids were steady to mixed, dealers said. Country sales have been nearly non-existent in recent weeks as farmers are bullish on old-crop supplies and waiting for their recently planted crops to develop further before committing to deliver during harvest.
Soyabean basis bids were weak at some river points and at an Iowa processor, pressured by slow soyameal demand and seasonally dull demand from exporters. But soya bids were firm at a major crushing plant in Decatur, Illinois, and steady elsewhere. Corn bids climbed at a processor in Blair, Nebraska, and at points along the Mississippi and Illinois rivers. Soft red winter wheat bids firmed in northern and southern Ohio amid an expected bidding war as harvest gets under way in the eastern Midwest.