US Midwest corn bids steady to higher

Spot corn basis bids were mostly steady to higher around the US Midwest on Friday after rising earlier this week due to slow farmer selling, grain merchants said. A large processor in Decatur, Ill., raised its corn bid by 2 cents from Thursday to 10 cents over the December futures contract at the Chicago Board of Trade. The bid jumped 8 cents this week.
Basis bids for soyabeans were mostly steady. Slow country movement of soyabeans has kept supplies tight and basis levels at processors high. US soyabean futures rallied at the Chicago Board of Trade, while corn futures edged lower amid steep gains in the dollar that could curb export demand for US supplies. Still, private exporters reported the sale of 132,000 tonnes of US corn to unknown destinations for delivery in the 2014/15 marketing year, which started on September 1, according to the US Department of Agriculture.