Interior corn basis bids were steady to weak in the US Midwest early Wednesday as the harvest progressed, while soyabean bids were firm in the interior and weak at river locations, dealers said.
Dealers reported moderate country sales of corn this week as fieldwork continued and storage space dwindled.
"There are corn piles everywhere. They're not getting rail cars to move it," a southern Ohio dealer said.
The corn basis widened by 2 cents at Burns Harbour, Indiana, and Cincinnati, while corn processor bids fell 3 cents late Tuesday at Blair, Nebraska.
Soybean bids were steady to firm on demand from domestic crushers and a lack of farmer sales, dealers said.
However, river soyabean bids fell 4 to 9 cents as CIF soyabean values tumbled at the US Gulf, making a U-turn after racing higher on Tuesday. One river dealer said there was talk of a flurry of soyabean sales into the Gulf export market.
Rising freight costs also pressured river bids for both corn and soya. Barge freight offers climbed 10 to 25 points on Tuesday, with barges at St. Louis offered at 400 percent of tariff, from 375 on Monday.
Storms through Wednesday morning brought 0.30 to 1.00 inch of rain through southern and eastern Iowa, most of Missouri and Illinois and southern Indiana, Meteorlogix forecaster Joel Burgio said.
"It will be dry today with a few light showers in the west on Thursday," he said. Light rains were likely in the northern Midwest on Saturday.
At the Chicago Board of Trade, soyabean futures were called to open 1/2 to 1 cent lower on harvest pressure, while CBOT corn was called to open steady to 1/2 cent lower.
Cash bids for soft red winter wheat held steady and country sales were minimal. CBOT wheat futures were called to open steady to 1/2 cent lower.