Corn and soyabean spot basis bids were mixed around the US Midwest on Thursday, with bids pressured in some areas by sharply higher futures at the Chicago Board of Trade, dealers said. US corn futures rallied for the ninth straight session jumping 5 percent as dry and hot weather persists across the US Midwest region.
A grain merchant in Toledo, Ohio, said farmers sold corn, soyabeans and wheat on the CBOT rally. Elsewhere farmers held out for even higher prices, dealers said. A corn bid jumped by 12 cents per bushel to 61 cents per bushel over the CBOT September contract at a terminal on the Illinois River due to a lack of farmer sales. A dealer at the location said farmers waited for even higher prices, possibly $8 per bushel. A corn bid rose by 10 cents per bushel at an Iowa terminal on the Mississippi River.