Spot corn and soyabean basis bids were steady to lower around the US Midwest on Thursday, pressured by accelerated farmer selling as futures prices climbed, grain merchants said. Chicago Board of Trade soyabeans rallied to their highest point in more than three months early in Thursday's trading session. Farmer selling slowed as prices drifted from early highs, dealers said.
CBOT corn touched a six-week peak early in the day, prompting some farmers to lock in sales to elevators or processors, dealers said. But corn prices also closed below early highs. A large processor in Decatur, Illinois, lowered its soyabean basis bid by 5 cents a bushel. At least two river elevators reduced their soyabean spot bids as CIF barge basis values eased and as the uptick in farmer sales boosted supplies.