CHICAGO: Spot basis bids for soybeans were mostly steady to firm at US Midwest processors and elevators on Friday as futures prices tumbled, while corn basis bids held mostly steady, grain dealers said.

Farmer sales of corn and soybeans were minimal on Friday as growers awaited higher prices.

Good demand from soybean crushers and from corn and soy exporters kept a floor under basis values.

A monthly National Oilseed Processors Association report on Thursday pegged September soy crushings above trade forecasts, while a US Department of Agriculture (USDA) weekly export sales report on Friday showed soy sales last week above expectations.

The USDA also reported daily export sales of corn to Mexico and soybeans to undisclosed destinations.