Spot corn and soyabean basis bids were steady to lower at elevators and processors around the US Midwest on Wednesday in quiet trade, dealers said. Corn bids fell by 2 cents to 4 cents per bushel at an elevator and processor in Chicago. Few farmers sold corn or soya, but several sold light amounts of soft red winter wheat as US wheat futures rose more than 2 percent, dealers said.
Chicago Board of Trade wheat futures were boosted by concerns about political tension in the Black Sea grain region. Some farmers took advantage of the wheat rally and priced SRW wheat placed in delayed pricing programs last month, a dealer said. A SRW wheat bid rose 5 cents per bushel in Chicago and 10 cents per bushel in Ohio. Dealers increased bids in an effort to entice farmers to market as CBOT wheat futures rose. The US Department of Agriculture's August Crop Production report is scheduled to be released at 12 pm EDT (1600 GMT) next Tuesday.
