Corn spot basis bids fell at terminals on the Illinois and Mississippi Rivers on softer demand at the US Gulf, but slow farmer sales supported basis bids at elevators and processors around US Midwest on Friday, dealers said. Sales of old-crop corn picked up earlier in this week in portions of the western Midwest. But an Iowa-based elevator grain merchant said old-crop sales slacked off on Friday as futures values turned lower at the Chicago Board of Trade.
US corn fell over 3 percent on Friday on liquidation ahead of historic elections in Greece over the weekend that unsettled global markets contributing to risk-aversion. Farmers continued to deliver previously contracted old-crop corn, the Iowa dealer said. Steady deliveries of corn and soyabeans were also noted by a Toledo, Ohio grain merchant.
Barges were loaded with corn for shipment to the US Gulf at a Mississippi River terminal near Davenport, Iowa, a grain merchant said. A corn bid at the terminal slipped by 4 cents per bushel. A corn bid fell by as much as 11 cents per bushel at a terminal on the Illinois River, after rising 10-1/2 cents during the week.
Producers waited for rain across the US Corn Belt, dealers said. Light rain showers w ere forecast for portions of the US Midwest, but much more moisture is needed as corn enters the pollination stage. Private analytical firm Informa Economics raised its estimate of US 2012 corn plantings to 96.759 million acres (39.2 million hectares), from its previous forecast of 96.124 million, trade sources said Friday. Informa also raised its US 2012 soyabean plantings estimate to 75.959 million acres, from 75.822 million in its last estimate, issued May 4.
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