Spot corn and soyabean basis bids at processors and elevators around the US Midwest on Thursday were generally unchanged after corn futures climbed and soyabeans eased from session highs, grain merchants said. Strong government weekly export numbers sent Chicago Board of Trade corn to one-week high and spiked soyabeans to an 8-1/2-month top. With respect to the corn basis farmers appear to be holding out for futures to possibly hit $4 per bushel, a Midwest merchandiser said.
"For a while today soyabeans were riding high, which prompted some discussions about guys selling. As futures went down, it was almost crickets," a merchandiser said. Corn basis gained along the Illinois and Mississippi Rivers due to rising export demand. USDA data released earlier showed the largest US weekly corn export sales in four years.
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