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Spot basis bids for US Midwest soyabeans were steady to weak on Friday as recently harvested supplies began to trickle in to processors and elevators in the western Corn Belt, grain merchants said. Corn basis bids were mostly steady to narrowly mixed while wheat basis was mostly unchanged amid slow country movement, they said.
Soyabean basis bids at some Iowa locations fell by 15 to 30 cents a bushel. Early harvested soyabeans have bolstered near term supplies and prompted a pullback in bids as buyers await the new crop harvest. Corn harvest was set to begin in a few weeks in most areas, although some Ohio farmers could begin harvesting corn as soon as this weekend.
Much of the corn crop in Ohio was not fully dried down, but some farmers were eager to harvest after windy conditions last weekend levelled many fields there. Lodged corn takes longer to dry and mild risks increase if the downed crops receive rain. However, the forecast looks mostly dry over the next week.
At the Chicago Board of Trade, grain futures rallied amid US government plan for the financial sector. The November soyabean futures contract rose 27-1/2 cents, a 2.6 percent rise, to close at $11.43-1/2 a bushel. December corn ended 15 cents per bushel higher at $5.42-1/4, a 2.8 percent gain. December wheat rose 25-1/4 cents, a 3.6 percent rise, to $7.18 a bushel.

Copyright Reuters, 2008

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