U.S. corn basis bids were mostly flat at elevators and processors in the Midwest on Friday, while soybean bids were steady to mixed, grain brokers said.

Farmer selling was generally slow this week due to weak prices, a broker said. Corn sales in the western Midwest were heavier than in the eastern Midwest, he said.

Farmer sales could increase in January, though low prices and financial payouts from the federal government may limit selling, brokers said.

The U.S. Department of Agriculture is not considering issuing more farm aid beyond its recently announced $12 billion package meant to help farmers weather poor economic conditions, said Richard Fordyce, the agency’s under secretary for farm production and conservation.

On the Chicago Board of Trade, March corn futures (CH26) were expected to trade largely sideways heading into the end of the year, brokers said.

The contract ended down 3/4 cent at $4.43-3/4 per bushel on Friday.

Soybean futures also slumped on the CBOT and set their lowest price since October 24.
Source: Reuters