Corn spot basis bids were higher at elevators and ethanol plants around the US Midwest on Wednesday, supported by a slow pace of farmer sales tied to the lowest futures in two weeks, grain merchants said. Soyabean bids were firm at river terminals around the region as sales of the beans also were very light amid the lowest futures since October. However, soya bids eased by 5 cents per bushel late on Tuesday at a closely tracked processing plant in Decatur, Illinois.
Many growers were delaying sales in the hopes of higher prices in the next few months while the downturn in futures at the Chicago Board of Trade was not significant enough to spark so-called "scare selling." However, ample existing stockpiles following record-large corn and soyabean harvests last autumn capped potential gains in bids, with few grain buyers willing to bid aggressively to spark new selling.
Spot soft red winter wheat bids were quietly unchanged while bids for supplies delivered during the harvest that starts around June were firm in what is expected to be stiff competition for fresh wheat supplies. The new-crop wheat basis in Toledo, Ohio, was 10 cents above Chicago Board of Trade July wheat - about 20 cents higher than average, a dealer there said.