Spot basis bids for corn and soyabeans were flat at most elevators and processors around the US Midwest on Thursday, grain dealers said. The basis was underpinned by slow country movement of both commodities. Weakness in the futures market has shut off sales of corn and soyabeans in recent weeks. There was an uptick in farmer sales of wheat, with a rally in the futures market spurring a light round of sales on Thursday, a dealer in northern Ohio said.
Farmers have been using any gains in the futures market to books small sales in order to generate cash flow to pay off bills, dealers said. Although the corn basis was mostly steady, bids rose by 5 cents per bushel in Burns Harbor, Indiana. Chicago Board of Trade May corn futures closed 1/4 cent higher at $3.56-1/2 per bushel.