Spot basis bids for corn and soyabeans were steady to lower around the US Midwest on Friday, pressured by waning demand for old-crop supplies as the harvest nears, grain merchants said. Many processors and ethanol plants are said to have sufficient supplies for the next month or so, when the harvest is expected to start in the region.
Slow export demand and higher barge freight costs pressured basis bids for each commodity at Midwest river terminals this week while demand for soyameal remained slow and ethanol production declined for the first time in four weeks. Soyabean bids eased as much as 10 cents per bushel Friday in Cincinnati while corn bids fell 5 cents at a western Illinois ethanol plant. Farmer sales nearly non-existent as CBOT grain and oilseed futures rose modestly overnight after falling Thursday. Many growers are bullish and also uncertain of what their crops will yield after a hot and dry growing season.
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