US Midwest corn and soyabean mixed

Spot basis bids for corn and soyabeans were mixed at both interior locations and along rivers in the US Midwest on Wednesday with farmer sales mostly quiet, grain dealers said. However, corn basis bids weakened in the eastern Midwest where some dealers were seeing country movement.
Corn bids also weakened along the Mississippi River, reflecting higher barge freight. But river bids along the Illinois River firmed despite higher transportation costs as dealers tried to attract more farmer sales.
Soybean basis bids firmed in the western Midwest and along the Illinois River, but weakened along the Mississippi River and in parts of the eastern Midwest, such as Indiana.
Some Indiana farmers sold corn at a cash price of $2 per bushel and soyabeans at $6.50. Other farmers continued to hold out for a rally in futures prices at the Chicago Board of Trade. They were looking for a cash price on old-crop supplies of $2.10 to $2.15 for corn and $6.70 to $6.80 for soyabeans, dealers said.
The US Department of Agriculture will release its latest monthly US corn and soyabean crop estimates on Friday morning, and lower-than-expected corn production numbers could send futures prices higher, dealers said.
The average trade estimate of analysts polled by Reuters was a corn crop of 10.235 billion bushels, with the estimates ranging from 9.990 to 10.601 billion.
A stretch of the Ohio River remained closed for a third straight day because of low water levels, US Coast Guard officials said. Several barges went aground in the seven-mile stretch upstream from Cairo, Illinois. Low water levels was also forcing shippers to raise barge freight rates.
Spot basis bids for soft red winter wheat were steady to weak.
Farmers were expected to sell little grain with the Chicago Board of Trade futures market called to open lower on Wednesday morning.
CBOT soyabeans were called 2 to 4 cents per bushel lower because of forecasts for rain and cooler temperatures. CBOT corn was mixed, 1/2 cent lower to 1/2 cent higher. CBOT wheat was called to open 1/2 to 1 cent per bushel lower.