US Cash Grains-Corn basis weakens on sluggish export, domestic demand

CHICAGO: Spot cash basis bids for corn had a weak tone on Friday, pressured by soft demand from exporters at the US Gulf as well as elevators and processors gaining a bit more confidence about prospects for the 2019 harvest, merchandisers said.

* The corn basis fell by 3 to 8 cents a bushel at river elevators that feed grain to the Gulf export terminal, and the basis fell at several corn processing sites.

* Farmer sales of old-crop corn remained relatively light, however.

* Soybean basis bids were flat to mixed, with the basis firming by a nickel at Cincinnati, Ohio, as farmer offerings lagged local needs.

* Chicago Board of Trade soybean futures were higher at midsession on Friday while corn and wheat futures were lower.