Cash basis bids for corn and soyabeans were steady to weak in the US Midwest Friday following stepped-up harvest selling this week, but country movement slowed as late-week rains halted fieldwork, dealers said. Soya processor bids continued to soften, with the basis falling 10 cents at Decatur, Illinois, trailing sharp declines at crushing sites in Iowa and Indiana this week.
The exception was Sioux City, Iowa, where the soya basis firmed by 5 cents. Corn bids fell 3 cents at Decatur, Illinois, and 2 cents at Ohio rail terminals. Moderate to heavy rains moved through the US Midwest during, interrupting corn and soya harvest; farmers could start up in some areas by Saturday afternoon.
River bids for corn and soya were mixed, but barge freight rates eased slightly after firming earlier this week. Illinois River barges for next week were offered at 490 percent of tariff, down from 500 percent a day earlier; Mississippi barges at St. Louis were offered at 470 percent, down from 480 percent.
Informa Economics pegged 2009 US corn crop at a record large 13.127 billion bushels, soya crop at 3.383 billion bushels. At the Chicago Board of Trade, wheat, corn and soyabean futures closed lower, with November soyabeans plunging below $9 a bushel on expectations of huge US crops.
-- CBOT November soyabeans fell 33 cents to close at $8.85 per bushel.
-- CBOT December corn ended down 7 cents at $3.33-1/2 per bushel.
-- CBOT December wheat closed down 11-1/2 cents at $4.41-1/4 a bushel.
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