Spot basis bids for corn and soyabeans were steady to narrowly mixed at US Midwest processors and elevators on Friday amid scattered and mostly light selling of both crops, grain merchants said. Sales overall were smaller in volume this week as futures for corn and soyabeans did not surpass highs set last week, when farmers sold big portions of each commodity.
many farmers have sold much of their old-crop supplies and were awaiting bigger gains in prices before selling more. Sales of new-crop soft red winter wheat remain active as farmers lock in cash prices above target of $6 per bushel. A dealer at an elevator along the Illinois River said it will pull its SRW wheat bid next week as the harvest has finished and deliveries have slowed.
Corn bids eased 2 cents per bushel at large eastern Nebraska processor and firmed by slightly at Mississippi River terminal and US Plains rail terminal. Soya bids eased on the Illinois River and held steady elsewhere. Barge freight costs steady at Midwest rivers. Mostly favourable US weather pressured corn futures while soyabeans firmed slightly amid concerns over weather in August - the key pollination month for the soya crop. Wheat futures eased in profit-taking after setting 13-month high Thursday.
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