US Midwest river spot corn and soyabean basis bids were firmer on Thursday while bids at interior locations were steady to weaker, with little country movement after CBOT futures weakened overnight, dealers said. "They're not going to sell in a down market," said an Ohio dealer. Farmers are especially bullish on soyabeans, wanting $6.90 to $7.20, the dealer said. Spot soya offers in Cincinnati, Ohio, were $6.75. River soyabeans and corn basis bids were 1 to 2-1/2 cents firmer, underpinned by weaker barge freight costs amid slow movement.
CIF values at the US Gulf were steady to firm for both early Wednesday, which was also supportive to river bids, dealers said.
The CBOT futures markets were expected to open weaker on a setback from Wednesday's rally, traders said.
CBOT soyabeans were called to open 5 to 7 cents lower; wheat and corn futures down 2 to 3 cents per bushel, traders said,
The futures market was seen pressured by forecasts for rain in the dry eastern Midwest.
Meteorlogix weather on Thursday said plenty of rainfall is likely over the near term in the western US Midwest and the eastern Midwest should see beneficial rains over the weekend and early next week. Dry areas of Illinois should also receive some crop-enhancing rains.
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