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Corn spot basis bids firmed at US Midwest processors and elevators on Tuesday while soyabean bids held mostly steady amid slow farmer selling of both commodities, dealers said. There was minor selling of corn and soyabeans as some farmers took advantage of higher futures prices this week.
However, the volume of sales was noticeably smaller than the flurry of activity surrounding a big futures rally to begin the week. Cold weather across much of the region also slowed the transportation of grains to market by truck and rail and some dealers sweetened bids in an effort to spur sales.
Likewise, some shippers were rushing to load barges as ice builds up on Midwest rivers and barge freight costs increase. A dealer on the Illinois River said he was calling farmers asking them to deliver on January contracts. Corn bids rose by 6 cents per bushel at a Texas rail terminal amid strong demand for the grain in the US Pacific Northwest.
Corn bids were 15 cents higher in northern Illinois and rose by 5 cents in Council Bluffs, Iowa. Soya bids were mostly steady as dealers continue rolling basis bids to the Chicago Board of Trade March soyabean contract from the January. CBOT corn and soyabean futures turned choppy amid profit-taking and fund buying.
Ideas of a bumper crop in South America weighed on soyabean futures while big global supplies pressured wheat futures. CBOT January soyabeans settled up 2-3/4 cents at $10.52-1/4 per bushel. March was up 3 at $10.61. CBOT March corn up 1/4 cent at $4.18-3/4. CBOT March wheat off 4-3/4 cents at $5.53.

Copyright Reuters, 2010

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