Corn spot basis bids were steady to mixed around the US Midwest on Monday as rains interrupted the flow of freshly harvested supplies coming to market, grain merchants said. Cash corn bids recouped a portion of their recent declines amid the harvest delays, with the basis rising 2 cents per bushel at a processor near Chicago and 1 cent at a wet mill in Blair, Nebraska.
Overall ample supplies and expectations for the harvest to advance rapidly under dry conditions later this week continued to weigh on corn bids elsewhere. Bids for trains loaded with corn declined by as much as 8 cents in Indiana. Soyabean bids eased slightly along the Mississippi River in Davenport, Iowa, where rising shipping costs on Midwest rivers weighed on the prices merchants were willing to pay farmers for their freshly harvested supplies. The US Department of Agriculture said the corn harvest was 18 percent complete as of Sunday, below analyst expectations of 21 percent done. Soyabeans were 21 percent harvested, up from expectations of 18 percent complete.
