Spot basis bids for soyabeans and corn were mixed at processors and elevators around the US Midwest on Friday amid scattered country movement of both commodities, grain dealers said. Rallies in the futures market pushed cash prices higher and caused some growers to book sales of corn or soyabeans they have been holding in storage bins.
But farmers who were worried about their crop production this year due to poor conditions in the field were reluctant to commit to sales, dealers said. Shipping costs rose on Midwest rivers due to labour strife in Argentina that was boosting demand for US soya. The increased demand led to a decline in the amount of empty barges available for shipment of grain to the US Gulf.
Bids for barges rose 25 percentage points to 425 percent of tariff on the Mississippi River at St. Louis. On the Illinois River, barges were bid at 490 percent of tariff, a 30 percentage point gain from Thursday. Barges were bid at 390 percent of tariff on the Illinois River, up from 375 percent of tariff on Thursday.
At the Chicago Board of Trade, the July soyabean futures contract rose 5-1/2 cents to $14.57-1/2 a bushel due to the labour situation in Argentina and the soggy conditions in US fields.
July corn futures rose 7-1/4 cents to $6.50-1/2 a bushel, a 1.2 percent gain, as soaring crude oil prices and a falling US dollar spurred fund buying. July wheat futures rose 25-1/2 cents, a 3.2 percent gain, to $8.11 a bushel, supported by strength in outside markets.
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