Spot basis bids for corn and soyabeans were mostly unchanged at elevators and processors around the US Midwest on Friday, grain dealers said. Dealers said there was very little farmer selling even though futures were up. Farmers in the eastern part Iowa are eyeing $3.80 per bushel cash for corn and $9 soyabeans, dealers said. Fundamentals for corn remain bearish, given ample US and world supplies and weak export demand.

Friday was the first day of the annual five-session rebalancing period for commodity index funds. Traders expect index funds to sell 12,000 to 18,000 contracts of corn during the period. Chicago Board of Trade March corn settled 4 cents higher at $3.57 per bushel. CBOT March soyabeans settled 3/4 cent higher at $8.65-1/4 per bushel.

Copyright Reuters, 2016