US Midwest corn bids fall

Corn spot basis bids were steady to lower at US Midwest processors, ethanol plants and elevators on Tuesday in the wake of a broad spike in farmer sales last week that left plentiful end-user supplies for the remainder of the month, grain merchants said. Soyabean spot basis bids were steady to narrowly mixed, with increased farmer sales in recent days weighing on bids at some river terminals but strong crusher demand bolstering the basis at some processing plants, the dealers said.
Farmers boosted sales of both crops when Chicago Board of Trade corn and soyabean futures jumped to multi-month highs. There was only limited selling as trade resumed following Monday's US Presidents Day holiday as some growers turned newly bullish following the rally in futures. However, many domestic end users bought enough supplies to meet needs for the next several weeks while moderating weather conditions should allow more speedy deliveries from farms to processors and ethanol plants. Barge freight costs weakened on the lower Ohio River but firmed along the Mississippi River at St. Louis. Snow, sleet and rains slowed barge traffic on some sections of Midwest waterways, traders said.