US Midwest corn, soya bids hold steady

Spot corn and soyabean basis bids were mostly steady in the US Midwest on Friday as farmer selling remained light, grain merchants said. The cash market was quiet overall following the US Thanksgiving holiday on Thursday, traders said. Soyabean futures fell in abbreviated post-holiday trading as soyameal futures retreated on talk of softening cash soyameal values in the interior Midwest.
The US Department of Agriculture reported weekly US soyabean export sales of 1,485,400 tonnes, above a range of trade expectations. For soyameal, USDA reported net cancellations for 2014/15 of 22,300 tonnes, and net sales for 2015/16 of 174,300 tonnes. Weekly shipments at 417,300 tonnes were the third-largest on record. Private exporters struck deals to sell 109,736 tonnes of US corn to Costa Rica for delivery in the 2014/15 marketing year, which started on September 1, the USDA said in a separate announcement.