Spot basis for corn and soyabean bids around the US Midwest were generally steady on Friday as farmers and futures traders digested the government's monthly crop report issued at midday, said dealers. Chicago Board of trade corn settled down slightly on profit-taking. Futures initially spiked driven by the US Department of Agriculture's supply and demand data that showed reduced US stockpiles.
Soyabeans retained a portion of their earlier gains after USDA reported old-crop soyabean stocks were cut to 370 million bushels from 400 million. With the government report behind them, farmers and futures traders are again focusing on weather, domestic and overseas, that many believe will continue to sway the markets.