Corn spot basis bids eased at river terminals and interior elevators around the US Midwest on Monday, pressured by higher barge freight and futures for the grain rising to a 2-1/2 year high late last week. Soyabean bids eased on the Mississippi River but were steady to firm at interior processors and elevators.
Farmers sold only small portion of both crops in recent days amid bullish attitudes in the country, grain merchants said. But the dealers noted a spike in sales by commercial elevators as well as an increase in deliveries by farmers to meet existing March contracts. Corn bids up 2 cents at western Illinois ethanol plant. Soya bids were firm at eastern Nebraska processor. Some plants need soyabeans to maintain crushing pace, dealers said. Soft red winter wheat bids steady in slow trade. Milder temperatures in parts of the Midwest allowing growers to do equipment maintenance or apply fertilizer in preparation for spring plantings in the coming weeks.
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