Corn spot basis bids were steady to firmer around the US Midwest on Tuesday, supported by slow farmer sales of old-crop supplies, grain merchants said. Dealers noted a bounce in new-crop sales as CBOT corn futures for December delivery rose to a contract high of $6.80 per bushel and farmers committed to deliver fresh supplies during harvest later this year.
Few sales of soyabeans seen as bids held mostly steady after the basis rose sharply at several Midwest processors on Monday. Many farmers are focused on the spring planting season and delayed sales or deliveries of old-crop corn and soyabeans. The weather in much of the region is still too wet and cold to sow corn seeds but the growers prepared equipment ahead of planting. Corn and soyabean were firm on the Illinois River as barge freight costs declined on the waterway.
Comments
Comments are closed.