Spot basis bids for corn were steady to weaker at processors and elevators, while soybean bids held mostly steady, around the US Midwest on Wednesday as farmers sold light amounts of grain and soy, dealers said. Farmers booked light sales and some even booked forward contracts out to 2015, a grain merchant in northern Ohio said.
US corn futures closed lower on Wednesday after a choppy session as the market's rally to the highest levels in nearly six months triggered profit-taking and farmer selling, traders said. The planted wheat crop is being monitored for signs of winterkill, dealers said. Deliveries were steady at some locations as producers tried to meet contract commitments ahead of activated "frost laws," rules counties enact restricting vehicle weights. "Logistics are still a nightmare," a Chicago based grain trader said. Pierce Elevator Inc, a privately held grain storage facility, closed after it lost an operating line of credit, the Nebraska Public Service Commission said.
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