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Spot basis bids for corn were steady to firm at interior locations around the US Midwest on Tuesday amid slow country movement, grain dealers said. Cash bids for soyabeans held steady at interior locations but rose at river terminals. Corn bids also showed strength at river locations.
Farmer selling was slow on Tuesday despite a rebound in the futures market that pushed cash prices for both commodities higher. But prices were still well below levels reached earlier this year. Most farmers had enough cash on hand from earlier sales, dealers said. Farmers were hoping that prices would rally to new highs during the growing season.
The rebound in the futures market on Tuesday bolstered growers' bullish attitudes. Although interior soyabean bids were mostly steady, cash bids rose by 43 cents per bushel at a processor in central Iowa. Bids at that location had fallen by 37 cents per bushel earlier in the week as dealers tried to discourage country movement amid expectations of a sharp downturn in the futures market.
Shipping costs fell on Midwest rivers, which allowed dealers at river locations to boost their bids. Barges were bid at 350 percent of tariff on the Mississippi River at St. Louis, down 20 percentage points from Monday's level. Barges traded for 425 percent of tariff on the Illinois River, down from 450 percent of tariff on Monday.
On the lower Ohio River, bids for barges held steady at 375 percent of tariff. At the Chicago Board of Trade, the May corn futures contract rose 8 cents to $5.47-1/4 per bushel while May soyabeans ended 4-1/4 cents higher at $13.07 a bushel. May wheat futures closed up 32-1/2 cents, a 2.9 percent gain, at $11.64 a bushel.

Copyright Reuters, 2008

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