Spot basis bids for corn and soyabeans weakened at US Midwest river terminals on Thursday, pressured by higher shipping costs and reduced demand at Gulf Coast export elevators following a round of farmer selling in recent days, grain merchants said. Bids for corn in the US barge market slumped to the lowest levels since 2012 as corn that farmers sold started flowing into the export pipeline. Soyabean barge bids also declined and barge costs increased as shippers sought empty vessels to deliver the freshly sold supplies.
Corn and soyabean bids eased by 1-6 cents per bushel at elevators along the Mississippi, Illinois and Ohio rivers. Soyabean bids were steady to firmer at interior processors and elevators.