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CHICAGO: Corn cash basis bids were steady to mixed around the US Midwest on Thursday after some farmers increased sales ahead of a major government crop report due on Friday, dealers said.
Corn bids fell sharply one day after posting big gains at a closely tracked processor in Decatur, Illinois, while the basis firmed along the Illinois River and at rail terminals in the eastern Midwest.
Dealers noted a small spike in farmer deliveries of corn, both new sales and to meet existing contracts, as temperatures moderated and roads reopened following winter storms that halted shipments earlier this week.
Soybean bids jumped at a processor in Lafayette, Indiana, but eased at a processor in Sioux City, Iowa.
Sales of both corn and soybeans remained relatively light but the dealers said some farmers boosted sales in the event Chicago Board of Trade corn and soy futures plunge in the wake of US Agriculture Department's report.
USDA will update estimates for domestic corn and soybean production and grain stockpiles in addition to forecasting crop production in South America. Grain traders expect the agency to raise its forecast corn inventories to reflect a record-large US corn harvest, and they will focus on any adjustments in demand, analysts said this week.
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