Spot soya and corn basis bids held mostly steady around the US Midwest on Friday in light trade a day after the government released its monthly supply and demand report, dealers said. The data showed the government boosted its 2014 crop production expectations which pressured Chicago Board of Trade corn and soya futures. Few farmers were interested in selling CBOT grain while soya futures remained soft on Friday keeping cash prices unattractive to producers, dealers said.
US corn futures were narrowly lower on Friday, capping their third straight weekly decline, traders said. Soyabean bids were 75 cents per bushel lower at processors in Decatur, Illinois and Lafayette, Indiana. Recent wet and rainy conditions in pockets around the region will delay the start of harvest for some farmers and stall harvest progress for others, dealers said. The US northern Plains and far western Midwest crop regions saw their first freeze of the season but the cold temperatures were only in pockets of the belt, limiting damage to immature corn and soyabeans, agricultural meteorologists said on Friday.
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