US Midwest corn, soya bids steady to lower

Corn and soyabean spot basis bids were steady to lower across the US Midwest on Friday after futures surged in the wake of a US Agriculture Department report that showed higher demand for the commodities, grain merchants said. Soyabean futures jumped up more than 2 percent and corn futures about 1.5 percent following USDA's forecast for larger-than-expected demand.
Farmers increases sales before the report on worries of bearish USDA data and the growers increased sales following the report after the spike in futures, the dealers said. An overall slow pace of sales capped declines in the basis despite better movement of the crops in the countryside. Corn bids eased 2 cents per bushel at a processor in Decatur, Illinois, while bids for both corn and soyabeans eased on the Mississippi.