Soyabean spot basis bids were firm at US Midwest processing plants while corn bids held mostly steady across the region on Friday as country offerings of each commodity remained light, grain buyers said. Soya bids jumped to $1.00 per bushel above benchmark Chicago Board of Trade futures at a closely-watched processor in Decatur, Illinois, while bids for the oilseed climbed to 88 cents above futures in Sioux City, Iowa.
Soyameal demand is strong, especially for export, as shipping delays amid bumper harvests in South America have foreign importers returning to the United States for supplies. Corn bids increased 2 cents at a major processor in Blair, Nebraska, and weakened along the Illinois River, with bids on the waterway pressured by rising waters that prevented vessel loadings.
Some growers sold small portions of the supplies they intend to harvest this autumn but old-crop supplies are tight and the farmers are holding on to whatever is left in the hopes of higher prices this summer. Barge shipping was halted on parts of the Illinois and Mississippi rivers as flooding forced the closure of several locks until at least the middle of next week, the US Army Corps of Engineers said. More rain is expected in the US Midwest next week, following deluges this week, which will further slow US corn plantings, an agricultural meteorologist said.
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