Corn basis bids were mostly lower on Tuesday as harvest supplies moved into the market and amid soaring barge freight, while soy was mostly steady. Traders said corn basis bids on the eastern Corn Belt were weighed by supplies from the harvest. There was also pressure from a rally in CBOT futures.
Rail corn bids were down 3 to 4 cents per bushel. Bids at Illinois river locations fell 15 cents a bushel for corn, and 5 cents for soybeans amid higher barge freight. Corn bids at Iowa river locations, however, jumped 7 cents a bushel amid good demand. Spot barge freight bids rose to 1,100 percent of tariff at St Louis from 1,000 on Monday.