The soyabean basis was mostly steady to weak in the interior US Midwest early on Wednesday as crushers in Iowa and Nebraska lowered their bids, while corn bids were mixed and movement was uneven, merchandisers said. The soya basis fell 2 cents at processing locations in Iowa and Nebraska following a flurry of soya sales in the last few days by farmers and country elevators. "The processor seems to be buying beans in town," a Nebraska merchant said. But an Iowa buyer said offerings had slowed by Wednesday morning.

Other dealers reported slow country movement of both soya and corn as producers awaited higher prices.

"They've got a $2 target on (cash) corn and $5.70 on beans. Until we get there, they are not going to do anything," an Illinois River dealer said.

Grain merchants said muddy conditions and seasonal weight restrictions on rural roads slowed the physical movement of grain in parts of Illinois, Indiana and Michigan.

Corn bids held steady in most locations but values were mixed in Nebraska. The processor basis for corn firmed 3 cents late Tuesday at Blair, Nebraska, while bids were down 4 cents at Lincoln.

River corn bids firmed, reflecting stronger CIF values for corn at the US Gulf, However, rising barge freight costs helped offset the increase.

River soyabean bids were mixed. CIF soya values were weaker early Wednesday as exporter demand softened.

Copyright Reuters, 2005