Corn and soyabean cash basis bids held mostly steady around the US Midwest on Thursday, supported by seasonally light farmer sales and expectations for reduced deliveries during the approaching spring planting season, grain merchants said. Cash corn prices climbed above $5 per bushel at some large processing plants in Iowa, triggering farmer sales at that level. Growers also were delivering large amounts of supplies that they sold earlier in the marketing season.
But profitable margins for ethanol makers supported the basis despite the increased sales. Many growers will soon be busied by spring fieldwork and dealers may have to boost bids to entice sales. Corn bids were mostly steady but increased 3 cents per bushel along the mid-Mississippi River in Davenport, Iowa.
Soyabean bids were narrowly mixed in Iowa, easing along the Mississippi River and at a processor in the western part of the state but climbing at an elevator in Council Bluffs. Sales of soyabeans were very light amid tight old-crop supplies and a downturn in futures tied to a seasonal switch in export demand from the United States to freshly harvested South American supplies.
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