US Cash Grains-Basis bids steady-lower for corn at river terminals

Spot basis bids were steady to lower on Monday for corn delivered to river terminals in the U.S. Midwest and for soybeans delivered to elevators and processors, grain dealers said.

• An increase in farmer sales last week capped basis bids at some locations, after growers sought to take advantage of higher prices, dealers said.
• Corn futures set a 15-month high on Friday, while soybean futures touched their highest level in more than two years.
• On Monday, futures tumbled on profit-taking and spillover pressure from a downturn in oil prices. Improving U.S. crop weather added pressure on the markets, traders said.
• For the remainder of the week, any heat that has crept into the western Corn Belt will be pushed out, leaving Midwestern temperatures favorable for crops, the U.S. Department of Agriculture said in a daily weather report.