US Midwest corn basis bids firmed as much as 7 cents a bushel late on Tuesday as processors and exporters scrambled to source nearby supplies from tight-fisted farmers, merchants said. Soyabeans basis bids were generally steady to slightly firmer amid quiet sales after Chicago futures markets tumbled following USDA's monthly crop report.
Eastern rail corn bids were up 3 to 7 cents, reflecting slow farmer movement and some rail delays in shipping grain after storms in the Ohio Valley slowed cars, dealers said. At Decatur, Illinois, processor basis bids for corn were up 1 cent at 4 cents over CBOT May futures and soyabean basis bids were steady at 10 cents over May futures.
River bids at Morris, Illinois, firmed for the second straight day. Barge freight was quoted steady with Monday but shippers said the Illinois and Ohio river levels were rising as ice melted, which was slowing barges. CBOT May corn closed down 3/4 cent at $3.88, May soyabeans ended down 8-3/4 cents at $9.84-1/2 and May wheat rise 3-1/4 cents to $4.93-1/4. In Chicago, wheat processors boosted basis bids 20 cents in a move to source higher quality wheat, dealers said.
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