Corn spot basis bids fell by 1-5 cents per bushel at processors and elevators in the US Midwest on Friday, pressured by limited demand as many commercial grain handlers had ample supplies, grain merchants said. Corn bids eased at a closely watched processor in Decatur, Illinois, and a processor in Blair, Nebraska, while Chicago Board of Trade corn futures touched the lowest levels in 1-1/2 weeks, finishing 1-1/4 cents lower at $3.62-1/2 per bushel. Farmers delayed sales as both bids and futures declined.
Bids for corn and soyabeans were slightly higher at an elevator in Morris, Illinois, along the Illinois River, where declining shipping costs on the waterway allowed buyers to boost bids to farmers.
Soyabean bids eased by 5 cents per bushel at a Chicago elevator and were mostly unchanged elsewhere, with the basis supported by a relatively slow pace of farmer sales.