Spot corn and soyabean basis bids were mostly steady at interior locations on Thursday, but prices were higher at river points on improved demand. Traders said expectations for demand from Mexico boosted rail corn basis values in Texas and Kansas City. They were expecting buyers for up to 50,000 tonnes of corn.
A winter storm slammed into Iowa and Nebraska, bringing grain movement to a virtual halt. Farmer selling in other states were no better amid a slump in CBOT futures. Several grain elevators in Iowa and Nebraska were shut, leaving phone messages for their farmer-clients that they would not be taking delivery of any grain on Thursday.
"Farmers were not selling anything today," a trader said. "The market is down, they'll wait to see how prices move tomorrow." Chicago Board of Trade corn, soya and wheat futures closed sharply lower on active fund selling triggered in part by declines in the US stock market and concerns that exports are being hurt by the recent surge in prices.
CBOT March corn futures closed 8 cents lower at $4.17-1/4 per bushel. May corn was down 7-1/2 cents at $4.28. March soyabeans closed 27 cents lower at $7.46-1/4 per bushel and May soyabeans were down 25-1/2 cents at $7.62.
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