Spot basis bids for corn were mostly flat on Tuesday, with plunging Chicago Board of Trade corn futures keeping producer sales to a minimum, dealers said. Soyabean bids were also steady at most locations but the basis firmed by 7 cents at Decatur, Illinois, reflecting a recent slowdown in farmer sales and improved cash crush margins.
River bids were mixed, with the corn and soya basis rising on the Mississippi River at Davenport, Iowa, and falling on the Illinois River at Morris, Illinois. Barge freight costs were mostly unchanged. USDA reported that 72 percent of the US corn crop was rated in good to excellent condition as of Sunday, down 5 points from the previous week. Good/excellent ratings dropped sharply in Indiana and Illinois amid hot, dry weather. USDA said the US corn crop was 92 percent emerged, well ahead of the five-year average of 69 percent. USDA said the US soyabean crop was 89 percent planted, up from 76 percent a week earlier and ahead of the five-year average of 61 percent. USDA expected to issue its first soyabean condition ratings of the year in next week's report.
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