Spot corn and soya basis bids held mostly steady around the US Midwest in light pre-holiday trade on Thursday while Chicago Board of Trade corn and soya futures ended weaker, dealers said. Some western Iowa farmers chose to sale corn through a "basis-only" contract, in order to sell the grain but not at the current low cash prices, a grain merchant in Council Bluffs, Iowa said.
Some farmers delivered corn earlier this week to free up space in on-farm storage bins for the upcoming wheat harvest. Corn deliveries tapered off by Thursday due to the holiday, but were expected to resume the next week as wheat harvest pace picks up. Otherwise, dealers said corn and soya cash trade was largely quiet ahead of the Independence Day holiday weekend as weak US corn and soya futures dragged on cash prices.
A closely followed processor in Decatur, Ill. raised its soyabean bid by 5 cents per bushel to $1 over the August Chicago Board of Trade futures prices. US corn futures edged lower, putting in their worst weekly performance since September on pressure from favourable growing conditions and forecasts for a record harvest this autumn, traders said.
US soyabean futures fell for the fifth day in a row on Thursday on long liquidation by investment funds ahead of a three-day weekend, traders said. Soft red winter wheat deliveries began to trickle in a port in Toledo, Ohio. The location will be open on Sunday to receive freshly harvested SRW wheat supplies, a grain merchant said. Several elevators and processors will be closed on Friday in observance of the US Fourth of July holiday. The Chicago Board of Trade closed early, at noon CDT (1700 GMT) on Thursday. US markets will be closed on July 4. CBOT trade resumes Monday, July 7 at 8:30 am CDT (1330 GMT).
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