Spot basis bids for soyabeans and corn held steady at most interior processors and elevators around the US Midwest on Wednesday, grain dealers said. Cash bids for both commodities were mixed at river locations, rising at terminals along the Illinois River but falling on the northern stretch of the Mississippi River.
Farmer selling was slow as recent weakness in the futures market has left cash prices well below growers' targets, an Iowa dealer said. Although the interior soyabean basis was mostly steady, bids rose by 7 cents per bushel at a processor in western Iowa. Some processors were running low on crushing supplies because of the slow country movement of soyabeans during the past few weeks.
Soyabean bids have risen by 15 cents per bushel in north-west Iowa so far this week. Some dealers were not buying any more wheat because they have bought enough during the past few weeks to satisfy their needs, a southern Ohio dealer said.
Barge shipping costs on Midwest rivers held steady on Wednesday. Spot barges on the Mississippi River at St. Louis were bid at 575 percent of tariff, unchanged from Tuesday. On the Illinois River, barges were bid at 600 percent of tariff, in line with Tuesday's bids.
Spot barges on the lower Ohio River were bid at 575 percent of tariff, steady with Tuesday's bids. At the Chicago Board of Trade, September soyabean futures closed 50-1/2 cents lower, a 3.9 percent decline, at $12.51 per bushel and November was down 47 cents at $12.51-1/2 a bushel due to spillover weakness from the crude oil market and forecasts for rain in the Midwest.
September corn closed 6-1/2 cents lower at $5.46-1/2 a bushel and December was 7 cents lower at $5.62-1/4 a bushel. September wheat rose 8 cents to $7.52-1/4 per bushel and December gained 8 cents to close at $7.74-3/4 a bushel amid good export prospects.
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