Corn spot basis bids fell at a key rail market in Hereford, Texas, on Monday, pressured by declining rail freight that reduced costs for grain shipments, dealers said. Bids for corn were mostly steady elsewhere in the US Midwest as Chicago Board of Trade corn futures hit a roughly two-week low, chilling the already limited selling interest from farmers.
Soyabean bids jumped by 10 cents per bushel at a processor in Sioux City, Iowa, partially offsetting a decline of more than 20 cents in CBOT soyabean futures. Soft red winter wheat bids increased by 5 cents per bushel at an elevator in Toledo, Ohio, bolstered by seasonally slow offerings of the wheat variety harvested in the summer.