Spot basis bids for corn and soyabeans held steady at most processors and elevators around the US Midwest on Friday afternoon. Grain dealers said that a drop in the futures market left cash prices for growers well below their targets, chilling selling interest throughout the day. Additionally, growers who have not finished plantings were focused on getting as much seeding done as they could, with forecasts calling for rains next week around much of the region.
Although the basis was mostly steady, bids for both corn and soyabeans rose at a river terminal in Davenport, Iowa. The slow country movement in recent weeks has left supplies tight at export elevators at the US Gulf.