Spot basis bids for corn and soyabeans were mostly steady to lower at processors and elevators around the US Midwest on Tuesday following an uptick in farmer selling over the past two days, dealers said. Farmers actively sold both commodities Tuesday even as soyabean futures lost ground and corn futures ended flat.
Some farmers took discounts at delivery for corn or soyabeans with high moisture content, while other farmers locked in prices for delivery later this year, dealers said. Soya bids fell by 5 cents per bushel at two Iowa processors, in Des Moines and in Sioux City, while corn bids fell by 2 to 3 cents per bushel at rail terminals in Indiana and Ohio. Some farmers are delaying sales until they can get back into the fields to resume harvest.
But gains in futures prices this week at the Chicago Board of Trade were too big for farmers to pass up, dealers said. Corn futures touched a 3-1/2 month high on Tuesday amid harvest delays and wet weather, while soyabeans are hovering near the technical $10 per bushel threshold. Wheat futures climbed above $5 per bushel for the first time since August amid support from a weak dollar.
In Toledo, Ohio, some farmers on Tuesday sold soft red winter wheat for delivery next year, a dealer there said. The US Agriculture Department late Tuesday said 13 percent of the corn crop was harvested as of Sunday, compared with the five-year average of 35 percent. USDA said 23 percent of soyabeans were harvested, below the average of 57 percent.
Fields across much of the Midwest are still too wet for harvest activity. Periods of light rain and drizzle in the US Midwest this week should lift by the weekend, giving farmers a brief window to harvest soyabeans and corn, a forecaster said Tuesday. Shipping costs were mixed on Midwest Rivers. On the Mississippi River at St. Louis, barge bids fell by 50 percentage points to 350 percent of tariff.
Barge bids rose by 10 percentage points on the Illinois River to 410 percent of tariff, and held steady at 425 percent of tariff on the lower Ohio River. CBOT November soyabeans closed 6 cents per bushel lower at $9.93 per bushel. CBOT December corn settled 1/2 cent higher at $3.81-3/4 per bushel. CBOT December wheat rose 17 cents, or 3.44 percent, to $5.11-1/4.
Comments
Comments are closed.