Spot basis bids for soybeans fell at river locations amid light demand from exporters at the US Gulf, grain dealers said on Wednesday. Cash prices for soybeans have fallen sharply this week, but were still too expensive for the international market.
Cash bids for both corn and soybeans were mostly steady around the interior. Wheat bids firmed, rising by as much as 10 cents per bushel, amid optimism in the export market.
Farmer selling was slow on Wednesday. Most growers were still waiting for prices of both corn and soybeans to rise after a sharp downturn in the futures market this week. "They are still licking their wounds," an Indiana dealer said. Many farmers were not even telling farmers the prices at which they would sell grain.
Although the corn basis was mostly steady, bids fell by 5 cents per bushel in Decatur, Illinois. The corn crop was in good shape in that area due to timely rains, so dealers were confident there will be plentiful supplies at harvest time.
At the Chicago Board of Trade, the August soybean futures contract closed 17-1/2 cents higher, a 2.1 percent gain, at $8.51-1/4 per bushel due to forecasts for hotter and drier weather next week. September corn rose 4-1/2 cents to $3.27 per bushel, also due to weather related-concerns. September wheat rose 22-1/4 cents, a 3.7 percent gain, to $6.23-1/2 per bushel, after Syria cancelled nearly 400,000 tonnes of export contracts due to a poor harvest.
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