Corn spot basis bids were steady to firmer around the US Midwest on Tuesday in thin trade after US corn futures weakened following key monthly supply data from the US government, grain dealers said. Bids for corn shipped by rail in Indiana and Ohio firmed by 2 cents per bushel, a rail broker said. A closely followed processor in Decatur, Illinois raised its bid by 2 cents per bushel, a dealer said. A Toledo port bid also was increased by 1 cent per bushel.
Chicago Board of Trade corn futures ended weaker keeping farmers uninterested in booking new cash sales, dealers said. The US government released key monthly crop supply and demand data on Tuesday. The report pegged US corn ending stocks lower than the average analyst estimate but outlooks for increased production in countries such as Ukraine and Argentina could keep a lid on international demand for US supplies. Spot soya bid were also mostly steady.
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