Corn spot basis bids fell at processing plants in the western half of the US Midwest on Thursday, declining by as much as 8 cents per bushel in Cedar Rapids, Iowa, following a wave of farmer sales, grain merchants said.
Chicago Board of Trade corn futures surged more than 2 percent on Wednesday, triggering increased sales. Some farmers delayed sales, however, as corn futures remained below their roughly six-month high reached last week. CBOT March corn was unchanged at $3.68-1/4 per bushel at midmorning, near their last week high of $3.71.
Wet and dry corn mills in Iowa and Nebraska slashed their bids to account for the higher futures and spike in new sales. The processors also had large volumes of corn due to be delivered in the next few months. The basis has declined three times this week at a wet corn mill in Blair, Nebraska.