CHICAGO: Corn and soybean spot basis bids were mostly steady to lower around the US Midwest on Friday after futures jumped to multi-month highs and farmers sold large amounts of each crop, grain merchants said.
The pace of farmer sales slowed as the week came to a close but many processors and ethanol plants earlier this week bought enough of the crops to meet needs for the next several weeks.
Corn bids eased 3 cents per bushel to the lowest level in more than three weeks at a closely watched processor in Decatur, Illinois. The soybean basis declined at processors, elevators and river terminals in Iowa.
However, bitter winter weather has stalled deliveries in some areas, supporting the basis even as country movement was expected to increase when conditions moderate in the coming days.
Soybean bids were mostly steady to lower but rose by 5 cents in Decatur for deliveries made by Feb. 21, dealers said.
Barge freight costs were steady to weak on Midwest rivers as warmer temperatures melted ice, speeding vessel traffic on the waterways.
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