Spot soyabean basis bids were steady to firm in the interior US Midwest early on Friday, underpinned by quiet farmer sales, while corn bids were mixed amid scattered movement, dealers said.
Interior corn bids were mostly steady to firm, with processors in Decatur, Illinois, raising the basis 2 cents late on Thursday.
But river corn bids softened, reflecting a slight decline in CIF values at the US Gulf as corn receipts increased. Also, barge freight rates rose on Thursday, a factor that weighed on river bids. Nearby barge offers were up 20 points Thursday on the Mississippi River, at 320 percent of tariff. Barges on the Illinois River traded at 340 percent, up 15 points from Wednesday.
River soyabean bids were mixed. Exporter demand helped lift CIF soyabean values by Friday morning, which helped to offset pressure from the rise in barge freight costs.
Interior soya bids firmed as crushers tried to pry beans loose from farmers who have been reluctant to sell at current prices. The soya basis rose 5 cents at Decatur, Illinois, and Lafayette, Indiana.
Wet weather slowed fieldwork in the Midwest this week, especially in the region's eastern half. Scattered showers were forecast this weekend, delaying the harvest. Most producers were focusing on corn but a few late-planted soyabeans were left in eastern and northern areas.
"It feels like the longest harvest in history, We started in early September," a central Indiana dealer said, adding that the corn harvest was just getting started in the area.
At the Chicago Board of Trade, corn futures were called to open steady to 1 cent per bushel lower on harvest pressure, traders said. CBOT soyabeans were called to open steady to 2 cents lower.
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