US Midwest corn, soya bids higher

Spot basis bids for soyabeans and corn at processors, elevators and river markets in the US Midwest on Friday were primarily steady to higher, grain merchants said. Rain in parts of the Midwest slowed corn and soyabean harvest efforts, making less grain available to end users. Farmers also balked at selling Chicago Board of Trade (CBOT) corn and soyabeans in anticipation of better prices for their grain following the recent run up in futures.
CBOT soyabeans responded positively to Friday's bullish US Department of Agriculture (USDA) weekly US export data. Thursday's USDA monthly supply/demand soyabean numbers provided added futures support, which helped lift CBOT corn contracts.