Spot corn basis bids were higher at some US Midwest elevators on Thursday as soft Chicago Board of Trade corn futures dragged on cash prices, dealers said. Elevators increased their bids by 2 to 3 cents per bushel near Chicago, in Council Bluffs, Iowa, and Burns Harbor, Indiana, to entice some farmer sales. Farmers were largely uninterested in selling crop supplies as cash prices were well below their target prices of $4 per bushel for corn.
US soyabean futures fell 1.7 percent to a six-week low on Thursday after a closely watched report showed that US processors used fewer beans than expected in December. The National Oilseed Processors Association said that US members crushed 165.383 million bushels of soyabeans during December, up 2.6 percent from the 161.211 million bushels crushed in November. Analysts had forecast a monthly crush of 166.900 million bushels, according the average of estimates in a Reuters poll.
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