Spot basis bids for corn and soyabeans were steady around the US Midwest on Thursday as seasonally slow country offerings were offset by the limited demand for the commodities from processors, elevators and exporters, dealers said. Corn bids went down by 5 cents per bushel at a processor near Chicago while the soya basis gained 3 cents at a northern Illinois elevator, underpinned by light sales as farmers stay on the sidelines for the balance of 2012 for tax purposes.

Bids remained flat elsewhere in the region, with the cash grains market quiet following Tuesday's Christmas holiday. Barge freight costs were lower on Midwest rivers as grain companies were reluctant to bid on vessels in the event barge traffic is halted next week due to historically low water levels. Shipping costs declined to the lowest point since August on the lower Ohio River while costs also eased on the Illinois River. Export demand has been limited recently despite lower prices for the commodities.

Copyright Reuters, 2012