Spot basis bids for corn rose in the US Midwest, while soyabeans were narrowly mixed as harvest was close to finishing up on Thursday, grain merchants said. Corn basis bids went up by 1-8 cents per bushel, while soya bids by 2-3 cents at an Indiana elevator and at a river terminal along the Mississippi River but down by 1 cent at an Iowa elevator. Soya futures continued increasing well beyond the 1000 mark and farmers were selling, according to grain merchants.
"We're at the tail end of the bean harvest," said an Ohio grain merchant explaining the 8 cent jump in corn basis bids. "We're ramping up corn bids to get ahead of the game." Meanwhile, the Ohio elevator near the Maumee River raised its wheat basis bids by 3 cents as wheat futures prices rebounded after declining for more than a week.
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