US Midwest corn and soyabean flat to lower

Cash basis markets for corn and soyabeans were flat to lower early Tuesday in the US Midwest, merchandisers said. Basis values on key US waterways were lowered as barge freight increased amid the approach of active harvest and on jitters about the threat of Hurricane Ivan which was churning toward the US Gulf Coast.
"If Ivan comes up the Gulf that will keep us from getting empty barges up here for awhile," an Iowa-based river source said.
Early Tuesday, the National Hurricane Center in Miami said Ivan was taking aim at the US Gulf Coast with sustained winds near 155 miles per hour. Significant transportation problems are likely if the hurricane slams into the key US Gulf export outlet in New Orleans, Louisiana.
"If it hits Louisiana we're sure to have some problems with barge transportation but maybe it will shift again into Florida and Alabama," an Illinois river processor said.
Harvesting of corn and soya was spotty in many areas but full-scale combining was noted in some locations and farmers continue to report very, very strong yields of both corn and soya.
"We're super busy right now. Some of them are going to on-farm storage and some are selling beans right across the scale," an Indiana merchandiser said.
"Good yields, 50 to 60 bushels (beans) and 190 to 200 bushels on corn," an Illinois cash dealer said.
Many cash sources said farmer selling of corn was not heavy despite increased harvest activity. Producers are putting their corn in the US government loan deficiency program (LDP).
Cash dealers in northern Ohio said the first loads of new-crop beans were arriving and around Seneca, Illinois. "Farmers are just starting to fire up their machines," one dealer said.
Soft red winter wheat basis bids were steady to weak with movement slow in a post-harvest lull. Cash dealers continue to eye wheat shipments for possible contamination with vomitoxin.
Traders at the Chicago Board of Trade (CBOT) called corn futures to open up 1 cent to down 1 cent Tuesday, soyabeans to open up 2 cents to down 2 cents, and wheat to open down 1 to 2 cents.