Corn spot basis bids were held mostly steady in quiet trade at processors and elevators around the US Midwest on Friday as farmer sales slowed, dealers said. Corn sales were slower after farmers sold large amounts earlier this month. A terminal in Toledo lowered its corn bid by 3 cents per bushel due to weakening demand in the market following the uptick in corn sales, a dealer said.
Crop deliveries remain steady in parts of the Western Corn Belt, but in northern parts of the Eastern Corn Belt deliveries have tapered off due to cold and snowy weather conditions. An Iowa processor noted light sales of new crop corn and beans, and steady deliveries of previously contracted soyabeans. Soyabean basis bids held mostly steady. Weak US soya futures dragged on cash prices, slowing the pace of farmer sales, dealers said. A soyabean bid increased by 3 cents per bushel at a processor in Cedar Rapids, Iowa. US farmers will boost soyabean plantings this spring and reduce sowings of corn, according to a survey of growers released on Thursday by research and brokerage firm Allendale Inc.
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