US Midwest corn, soyabean bids steady

Spot basis bids for corn and soyabeans were mostly steady at processors and elevators around the US Midwest on Friday but the market had a weak tone, grain dealers said. Farmers booked sales of both commodities on Friday. Dealers noted renewed interest in corn as a futures market rally pushed prices near $4 a bushel in many areas. Many farmers have been waiting for corn prices to hit $4 since harvest.
Soyabean sales have been steady throughout the week. The futures market has risen for five days in a row. Wheat bids were steady to firm. Farmer sales of wheat have remained slow even as the futures market has rebounded from multi-year lows. Although the basis was mostly steady, soyabean bids fell by 9 cents per bushel in Davenport, Iowa. Corn bids were 2 cents lower at rail terminals in Hereford and Forth Worth, Texas.