Spot basis bids for corn and soyabeans firmed at river terminals on Wednesday, but held steady at most interior elevators and processors, grain dealers said. Country movement was mostly slow, but a dealer in western Iowa said some farmers booked light sales of both commodities, despite a downturn in the futures market that cut into cash prices.
"Some guys kind of got a little scared (that prices would continue to fall)," the dealer said. But most farmers had bullish expectations about prices and were content to wait to see if the market would rebound in the coming days.
Many growers already have committed to selling a larger-than-usual portion of their crop, so they were under little pressure to sell despite the falling prices. Cash bids for corn firmed slightly along railroads as brokers tried to fill up empty cars for shipment. There was an ample supply of trains available, a mid-South broker said.