Corn basis flat to higher as falling prices cool farmer sales
USO•US Midwest corn basis bids were mostly steady to higher as falling futures prices discouraged farmers from selling during harvest. Corn futures fell to their lowest level since July 10, and two locations raised basis bids by 3 cents and 5 cents per bushel.
1. Prices temper farmer sales
Spot corn basis bids were mostly steady to higher at Midwest grain elevators and processing sites on Wednesday as farmer selling slowed during harvest, grain dealers said. Corn futures fell to their lowest level since July 10, while soybean futures reached their lowest since August 26.
2. Local bids rise
A Cincinnati, Ohio, grain elevator raised its corn basis by 3 cents per bushel, and an ethanol plant in Union City, Indiana, raised its bid by 5 cents. Analysts said farmers may be more likely to store crops than sell them after President Donald Trump announced an $8 billion support program to offset high diesel costs on Monday. Harvest weather remained mostly dry and favorable, and weekly US ethanol output and stocks increased, the Energy Information Administration said.
