US spot corn basis bids were steady to firm on Wednesday and soyabean basis bids were mostly steady as lower futures prices discouraged much farmer selling, grain merchants said.
The majority of farmers appeared to be waiting for higher prices, although a few farmers rushed to sell some grain after futures opened sharply lower on Wednesday, they said. "We were seeing a little more bean movement with the down market today. There was some selling when we came off session lows," one Indiana soyabean merchant said.
Farmers remain bullish after seeing surprisingly strong corn and soyabean prices this fall. Many may be holding on to their freshly harvested grain, expecting prices to recover from the slide that began late last week, merchants said.
Spot corn futures have fallen more than 6 percent from the 10-year high posted last Thursday and spot soyabeans have fallen more than 5 percent from a 15-month high set last Tuesday.
Corn and soyabean basis bids were firm at Midwest river locations earlier this week amid declining barge freight, but basis was mixed on Wednesday. Barge freight remained weak, pressured by a lack of grain moving and recent rains improving river conditions and allowing deeper barge drafts.
Nearby barges were bid at 280 percent of tariff on the Mississippi River at St. Louis, down from traded values at 300 percent of tariff on Tuesday, barge industry sources said. Barges traded at 375 percent of tariff on the Illinois River, versus trades at 375 to 380 percent on Tuesday.
On the lower Ohio River, barges were bid 300 percent of tariff, unchanged from a day earlier. At the Chicago Board of Trade, December corn futures closed 13-1/4 cents lower at $3.53 per bushel and March closed down 12 cents at $3.66, pressured by fund long liquidation.
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