Spot corn bids at interior US Midwest locations were mostly steady to higher on Friday as farmers stored supplies from the harvest, merchants said. Soybeans were mostly steady at interior locations. Farmers are expected to advance the corn, soy harvest over the weekend, but were likely to store supplies.
Farmers are looking for at least $4 cash prices for their corn and some are hoping for $11 beans, a Ohio trader said. CBOT December corn fell 8 cents, or 2 percent, to $4.01-1/2 a bushel. November soybeans closed 8-3/4 cents lower, or 1 percent, lower at $9.25-1/4. December wheat fell 1-3/4 cents to $5.36-1/4. Recession hurting demand weighed on grains.
Barge freight bids for next week on the Illinois River fell to 725 percent of tariff from 800 on Thursday. Bids at St Louis eased but rose on the Lower Ohio River. Traders said corn basis values supported by demand from ethanol makers, who were offering premium prices.
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