Spot basis bids for US soyabeans held mostly steady at elevators and processors on Tuesday as farmers sold light amounts of crops on a soyabean futures rally, dealers said. Chicago Board of Trade March soyabeans futures rose nearly 1 percent, the fourth straight day of gains, on strong export demand. The improved prices enticed some farmers to sell, but others waited still for higher prices, a grain merchant in Ohio said.
Grain deliveries were steady at some locations in the Eastern Corn Belt as farmers wanted to meet contract commitments before the next snowstorm, the Ohio dealer said. A snowstorm next week is expected to bring 4 to 6 inches (10.2 to 15.2 cm) of snow to most of the Midwest, from northern Missouri across Iowa and central and northern portions of Illinois, Indiana and Ohio.
Basis bids for corn held steady at most interior elevators and processors, but was weaker at rail market terminal due to heavy traffic slowing the loading pace. Cold temperatures and icy conditions have snarled movement on river and railroads during the past few weeks, leaving a backlog of supplies that need to be loaded on trains and ships. Cash bids for soyabeans shipped by rail fell by 15 to 18 cents per bushel in Texas. Cash bids for soyabeans fell by 3 cents per bushel at a river terminal near Davenport, Iowa. Cash bid for corn fell by 1 cent at a processor in Blair, Nebraska and rose by the same amount at a river terminal near Davenport, Iowa.
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