US Midwest corn, soya bids mostly higher

Spot basis bids for corn and soyabeans were mostly higher at US Midwest river terminals on Friday as exporters along the Gulf Coast sought supplies to cover overseas commitments, grain merchants said. Farmers were selling small amounts of each crop to take advantage of gains in futures prices ahead of a US Department of Agriculture acreage and stocks report due at 11 am CDT (1700 GMT).
But a slow pace of sales during the past few weeks limited supplies shipped on barges to the Gulf, bolstering basis levels. Corn bids gained 1-2 cents per bushel and soyabean bids 2-4 cents at elevators along the Mississippi and Illinois rivers. Corn and soya bids were mostly steady to higher at interior processors and elevators.