Spot corn bids at interior US Midwest locations were mostly steady on Thursday, but prices at Iowa river locations remained under pressure from higher barge freight. Soybean basis values were mostly steady. Traders expecting corn harvest to advance this weekend, which put some pressure on prices.
But farmer selling of corn and soybeans were generally slow amid declines in CBOT futures. Traders said farmers could run out of storage space and were expected to sell grains this weekend. One trader said her grain elevator was accepting grains on a No Price Established basis - which allows farmers to place grain with elevators without setting a price. But the NPE procedure transfers ownership of the grain to the elevator from the farmer.
Traders said demand for corn from ethanol makers remained strong, with many paying premium prices. They need dry corn, so they are willing to pay premium prices, a rail corn dealer said.
Spot barge freight on the Illinois River was bid at 825 percent of tariff, up from 725 on Wednesday. Freight bids at St. Louis rose to 900 percent of tariff from 850 percent of tariff on Wednesday. CBOT November soybeans closed 3-1/4 cents lower at $9.34 per bushel as the dollar firmed and oil fell. December corn fell 11-1/4 cents, or 2.7 percent, to $4.09-1/2 a bushel. December wheat fell 23-1/4 cents, or 4 percent, to $5.38.
Comments
Comments are closed.