US Midwest soyabean and corn basis bids were steady to firmer in the eastern Corn Belt where rains slowed harvest this week, while bids in the western Midwest were steady to weaker as harvest and farmer sales stepped up, merchants said on Thursday.
They said the rally in Chicago futures sparked heavy soyabean sales, particularly in the western Corn Belt where farmers were actively combining fields. Many areas in the west were finished harvesting soyabeans and moving into corn fields on Thursday. Soyabeans prices have risen some 60 cents in the week, putting spot cash bids over $10 a bushel in many areas.
In contrast, movement has been slower in the east but clear skies late this week is improving harvest conditions. USDA early Thursday reported strong weekly export sales for soyabeans of over 1.0 million tonnes, with the lion's share to China. Corn sales were disappointing at 489,800 tonnes, down 55 percent from the four-week average, but China shipped 10,400 tonnes amid the ongoing dispute over Syngenta's unapproved GMO corn trait found in US shipments. Wheat sales were lackluster at 444,900 tonnes.
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