US corn and soyabean spot basis bids fell along the Illinois River on Friday amid looming draft restrictions as low water levels force barge operators to run lighter loads, grain merchants said. Water levels are expected to fall to the lowest point since the 1940s by early December on a crucial stretch of the Mississippi River north of Cairo, Illinois.
Shippers will either load less in their vessels or risk hitting the bottom of the river. Bids and offers for barges were not available from December 8 on the Mississippi River at St. Louis or on the Illinois River, barge sources said. Soyabean bids fell 9 cents per bushel on the Illinois River and corn 3 cents.
Slow farmer sales of each commodity following a dip in futures on Friday supported the basis elsewhere. Corn bids rose 5 cents per bushel for the first rise in about a month at a processor in Decatur, Illinois, while soya bids gained 3 cents per bushel in Toledo, Ohio.
Some farmers boosted corn sales earlier this week after cash corn prices topped the price target of $8 per bushel, but the sales slowed after prices dipped. Farmer offerings of soyabeans were light for the week, the dealers said. Corn futures declined for a fourth straight month, losing ground in each frame since hitting a record high in August of $8.43-3/4 per bushel in a profit-taking setback. Soyabean futures fell for a third straight month, the first such streak since mid-2011.
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