Spot basis bids for corn and soyabeans were steady to higher around the US Midwest on Thursday as farmers remained on the sidelines hoping that futures would bounce back after sharp declines in recent days, dealers said. Many farmers sold portions of both crops when cash prices were higher and are in no rush to market crops in down market.

Farmer sales may not pick up until growers need to finance spring plantings. Dealers boosting corn and soyabean bids but not enough to offset huge losses in futures prices. Corn bids up 1-4 cents per bushel at Illinois and Indiana locations and soyabeans up 2-3 cents in Indiana and Iowa. Deliveries of both crops to processors and elevators on existing contracts normalised amid ease in winter storms across Midwest.

Demand at US Gulf continues to outpace domestic demand, as cheaper prices make the commodities attractive to exporters. Soya cash prices as low as $9.02 per bushel in Des Moines, Iowa, and corn $3.25 per bushel in Toledo, Ohio. US Agriculture Department early Thursday said US export sales of corn last week totalled 902,300 tonnes, within estimates for 800,000 to 1,050,000 tonnes.

Copyright Reuters, 2010