Spot basis bids for corn rose around the US Midwest early Friday but soyabean bids were mostly unchanged while farmer selling remained scarce due to low cash prices, grain dealers said.
A sluggish performance by the futures market this week chilled farmers' interest in hauling grain to processors and elevators.
"Producers are occupied with the start of the planting season and really are not focusing on the markets," an Indiana dealer said.
Dealers have consistently tightened soyabean and corn basis bids throughout the week to try and spur country movement. Spot bids for corn have risen by as much as 6 cents per bushel this week while soyabean bids have risen by 9 cents per bushel.
One processor in Iowa was offering a 2 cent per bushel premium for corn delivered on Saturday. The processor was holding special Saturday hours to accept delivery of corn.
Wheat bids have been mostly weaker this week, falling as much as 6 cents per bushel at some locations, due to the high price of US wheat in the export market. One dealer in Indiana lowered his wheat bid by 3 cents per bushel on Friday.
One processor in southern Ohio raised basis bids slightly to try and stay competitive with river dealers in its area, but the dealer said the new basis would not be enough to spur movement.
Falling barge freight has allowed river dealers to bid more for corn and soyabeans despite sluggish export demand. On the lower Ohio River, bids for barges have fallen 20 percentage points to 280 percent of tariff in the past week.
At the Chicago Board of Trade, soyabean futures were expected to open 1 to 2 cents per bushel higher. Traders cited expected short-covering ahead of the weekend.
CBOT corn futures were called steady to 1/2 cent per bushel higher, also on a short-covering bounce. Traders said corn futures were close to oversold technical levels.
Soft red winter wheat futures were called up 1/2 to 1 cent a bushel.
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