Corn and soyabean spot basis bids eased at ethanol plants and processors in the western US Midwest on Thursday, pressured by a spike in futures prices and subsequent uptick in farmer sales of each crop, grain merchants said. Cash prices for old-crop soyabeans rose above the target of $14 per bushel and new-crop corn above $6.50 per bushel, triggering sales at those levels, dealers said.
High waters on the Missouri River are also likely to cause flooding and force closures at some delivery points. An elevator in Council Bluffs, Iowa, pulled its spot bids and was not accepting any deliveries due to the floodstage on the river. Soya bids fell at a processor in Sioux City, Iowa, where the Missouri River is forecast to rise 4 feet over the next few days, according to the National Weather Service. Corn bids were firm on the Mississippi and Illinois rivers on support from better export demand.
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