Spot basis bids for soyabeans fell slightly at processors west of the Mississippi River on Wednesday but were steady at most other interior locations, grain dealers said. Processors have been looking to cut back on their pace of crushing due to thin profit margins, so they did not need any more soyabeans in their supply.
Corn bids were mostly unchanged at both processors and elevators. On rivers around the region, soyabean bids eased but corn bids held steady. Farmer selling was slow on Wednesday because of low cash prices. A strong rally in corn futures did not make up for the nearly 50-cent per bushel fall since the government released its plantings forecast late last week.
"We have got some work to do yet (before farmers are interested)," a dealer in northern Ohio said. Most farmers had enough cash on hand from booking sales during the winter so were unlikely to move any more grain with prices so far below their target levels, dealers said.
Dealers have not reported any panic selling from farmers since the government report was released. Most farmers were focused on spring planting tasks although cold and wet weather was keeping them from the fields.
Barge freight was steady to firm on Tuesday. Bids for barges held steady at 200 percent of tariff on the Mississippi River at St. Louis and on the lower Ohio. Bids rose to 235 percent of tariff on the Illinois River from 230 percent on Tuesday.
At the Chicago Board of Trade, the May corn futures contract rose 13 cents, or 3.8 percent, on Wednesday to $3.59-1/4 per bushel on worries related to planting delays.
CBOT May soyabean futures fell 2-3/4 cents to $7.61 a bushel on prospects for farmers to plant more soyabeans than expected due to delays in corn seedings. CBOT May wheat futures closed up 12-1/4 cents, or 2.9 percent, at $4.31-1/4 a bushel.
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