Spot corn and soyabean basis bids were mostly steady to firm around the US Midwest on Friday as a futures market rally triggered only light, scattered farmer selling, grain merchants said. The bulk of farmer sales appeared to be of soyabeans, mostly at locations with firmer basis bids. A rally in the futures market lifted cash prices at a few locations above $10 a bushel, a target selling price for many farmers.
Corn sales remained largely muted as producers continued to seek cash prices of $4 a bushel or more. Corn and soyabean basis bids at Midwest river locations were mostly weak, with a weak CIF barge market pressuring soya, river dealers said. Barge freight was steady on Friday after easing earlier in the week on a surplus of barges in major rivers.
Chicago Board of Trade corn and soyabean futures rallied for a second consecutive day on Friday amid worries about reduced production in drought-hit Argentina, traders said. Argentina expects some scattered rain on Friday, but more sustained rains are needed, forecasters said. CBOT March soyabeans ended up 21 cents, or 2.1 percent, at $10.01 a bushel.
March corn rose 6 cents to $3.77-1/4, a 1.6 percent gain. Profit-taking dragged down CBOT wheat after Thursday's rally, along with forecasts for some rain in the dry US Plains wheat belt. CBOT March wheat ended down 4-3/4 cents at $5.57 a bushel.
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