Corn spot basis bids were steady to firm and soyabean bids mostly unchanged around the US Midwest on Friday as the pace of harvest and country sales slowed, grain merchants said. Few sales of either commodity seen as futures ended the week in negative territory.
Many farmers delaying sales until prices rise, while harvest of each crop nearing completion. Farmers continue to target $12 per bushel or more for cash soyabeans and $6 or better for cash corn. The coming weekend will be the last one Iowa terminal will be open to receive corn and soyabeans for the year, as harvest deliveries have slowed considerably, a dealer there said. Elevators typically extend so-called "dump hours" into the weekend during harvest.
Corn bids firmed at Illinois processors and elevators and at an Iowa elevator. Soyabean bids eased slightly on the Mississippi River and held steady elsewhere. Soft red winter wheat bids unchanged. Farmers expected to continue final stages of harvest until rains move into Midwest region during the next few days.
Rains will be welcome for emerging SRW wheat crop as some fields have been without precipitation for nearly two months. Fund selling and profit-taking weighed on grain and oilseed futures in thin volume at the Chicago Board of Trade. Barge freight costs mostly steady on Midwest rivers.
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