Corn spot basis bids were steady to firm while soyabean bids were largely unchanged around the US Midwest on Tuesday, supported by light country offerings of each commodity, grain merchants said. Farmers in the western Midwest were harvesting soyabeans while rains in the eastern part of the region kept growers out of the fields, with the delays underpinning soya bids at a processor in Indiana.
The active soya harvest in the west has weighed on the basis there in recent days while a slower pace of corn deliveries supported bids for the grain. Corn bids jumped 7 cents at an elevator in Council Bluffs, Iowa, and also firmed at a processor near Chicago. Soft red winter wheat bids climbed 5 cents in northern Illinois. Growers continued to deliver freshly harvested supplies to meet existing contracts but they made few new sales due to the recent downturn in futures.
US soyabean futures fell for a second straight day, sliding nearly 2 percent to a three-month low as the record-fast US harvest and better-than-expected yields weighed down prices along with spillover pressure from plunging palm oil prices.