US Cash Grains-Corn, soy basis steady-firm amid thin farmer sales

CHICAGO: Spot basis bids for corn and soybeans were steady to firmer in the US Midwest on Thursday, extending a trend in place for most of the week as declining Chicago Board of Trade grain futures discouraged producer sales, merchandisers said.

The corn basis firmed by 1 to 2 cents at Cincinnati, Ohio, at an ethanol plant in Union City, Illinois, and at Seneca, Illinois, on the Illinois River.

The soy basis firmed by 1 to 3 cents at Cincinnati and Savanna, Illinois, on the Mississippi River.

Most farmers were waiting for drier conditions to begin seeding.

One Indiana merchandiser noted light corn and soy sales from farmers seeking cash ahead of spring planting, but others said country offerings were minimal.

As of 10:54 a.m. CDT (1554 GMT), CBOT May soybeans were up 1/2 cent at $8.79-12 a bushel after dipping to $8.76-1/2, the contract's lowest since Nov. 1.

CBOT May wheat hit a one-month low while May corn stayed inside of Wednesday's trading range.