Spot basis bids for corn and soyabeans held mostly steady around the US Midwest on Friday as a decline in futures at the Chicago Board of Trade slowed the already seasonally reduced offerings from farmers and commercial elevators, dealers said.
Corn bids stabilised after declining during the previous two days at processors and river terminals while soyabean bids held after rising sharply at processing plants in the western part of the region. Bids for corn rose 7 cents at a western Iowa elevator while soya bids gained 5 cents at an elevator in northern Indiana, with the basis largely unchanged elsewhere.
Supplies of both corn and soyabeans are the lowest in at least nine years and growers are delaying the sale of whatever remains from last year's harvest in the hopes of higher prices. CBOT corn futures shed 1 percent while soyabeans were narrowly lower, with each commodity easing the second straight session amid forecasts for optimal growing conditions for the newly-planted crops.
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