US Cash Grains-Corn, soy bids steady to firm as farmer selling stalls

CHICAGO: Spot basis bids for corn and soybeans steady to firmer in the US Midwest on Wednesday as a slump in Chicago Board of Trade grain futures chilled farmer offerings, merchandisers said.

The corn basis firmed by 1 to 2 cents at Decatur, Illinois, and Blair, Nebraska, two major processing hubs, as well as at river locations and an Iowa ethanol plant.

The soybean basis firmed at Cincinnati, Ohio.

Farmers were holding tightly to any remaining old-crop supplies, awaiting higher prices. If futures continue to decline, Indiana farmers might start to unload supplies in June, after planting winds down, one merchandiser said.

The CBOT May corn contract fell to its lowest in more than a week while May soybeans hit a 5-1/2 month low.

Analysts cited big crops in South America and technical selling, with commodity funds appearing to add to their big net short positions.