Cash basis bids for corn were steady to higher around the US Midwest on Thursday as dealers tried to generate movement while soyabean bids were flat at interior locations but fell along rivers.
Grain dealers said they expected sales of both corn and soyabeans to be slow on Thursday despite wet conditions that were keeping many farmers from planting.
Corn sales have been slower than soyabeans in the past week as increases in cash prices for corn have lagged behind soyabeans. Some processors were running low on supplies of corn.
A sluggish futures market also has made corn more attractive to exporters, sending CIF values higher in recent days.
Shipping costs were expected to rise as elevators moved soyabeans they bought last week to the US Gulf, causing river dealers to lower their spot soyabean bids.
"They are expecting some barge freight increases," a dealer on the Illinois River said.
After the recent rallies in soyabean prices, cash prices were just below $6 per bushel in many parts of the Midwest. Dealers have long pointed to $6 as the target price for many farmers.
"There are a lot of guys holding out for that," an Indiana dealer said. "We are pretty close now. We get there and I think we will see a little movement."
Some dealers said that a lot of farmers were calling to check in and see what the cash price for soyabeans was and were asking about what the futures market is expected to do on Thursday. But most farmers were reluctant to commit to any sales before the Chicago Board of Trade opens.
In export news, the US Agriculture Department said on Thursday export sales of soyabeans rose 64 percent to 182,500 tonnes (old crop) in the latest reporting week, in line with estimates for 100,000 to 250,000 tonnes.
Export sales of corn totalled 1.28 million tonnes (old crop), 64 percent above last week's level and beating forecasts for 650,000 tonnes to 850,000 tonnes.
Wheat export sales also beat forecasts, totalling 574,300 tonnes (old crop and new crop). Analysts were expecting wheat export sales between 250,000 and 400,000 tonnes.
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