Spot basis bids for corn and soyabeans rose around the US Midwest on Monday as processors and elevators competed for relatively thin new-crop supplies, dealers said. Farmers were active sellers of both commodities, as corn futures climbed more than 5 percent and soyabeans more than 3 percent. That has limited the amount of harvested supplies and also forced dealers to boost bids at a time of year where they traditionally drop them.
Soya bids rose as much as 12-1/2 cents per bushel along the Illinois River, while corn bids rose by 6 cents per bushel in Blair, Nebraska. Much of the harvested corn has had high levels of moisture. A dealer in Decatur, Illinois, said early harvested corn there was as high as 29 percent moisture, compared with the standard content of 15.5 percent.
A blast of wintry weather in the US Midwest this weekend brought subfreezing temperatures and even snow west of the Mississippi River, ending the corn and soyabean growing season there, forecasters said on Monday. The harsh weather worries lifted corn futures to the highest level in 3-1/2 months at the Chicago Board of Trade while soyabeans touched $10 per bushel before settling a penny below that technical mark.
Shipping costs were steady to weak on Midwest Rivers. Bids fell by 25 percentage points to 425 percent of tariff on the lower Ohio River, while bids were steady at 400 percent of tariff on the Mississippi and Illinois rivers. CBOT November soyabeans closed 35 cents per bushel higher at $9.99 per bushel. CBOT December corn settled 19 cents higher at $3.81-1/4 per bushel.
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