Corn spot basis bids jumped by 5 cents per bushel at a closely watched processor in Decatur, Illinois, on Friday and were steady to higher elsewhere in the US Midwest as farmers delayed sales, grain merchants said. Small gains in Chicago Board of Trade corn futures failed to entice significant selling by farmers, forcing processors and exporters to boost their basis in efforts to attract sales by farmers or commercial elevators.

The corn basis also was higher at terminals along the Mississippi and Illinois rivers and at an elevator in Toledo, Ohio. CBOT July corn gained 1-3/4 cents to $3.71 per bushel in technically driven trade. Soyabean spot basis bids were mostly flat at processors and elevators while CBOT July soyabean futures finished 3-3/4 cents lower at $9.63 per bushel. Two elevators in Toledo were loading vessels with soyabeans along the Maumee River, at least one of which was bound for Canada, according to grain merchants there.

Copyright Reuters, 2017