Spot corn and soyabean basis bids mostly steady in the US Midwest on Friday in quiet trade amid soft CBOT corn and soya futures values, dealers said. US soyabean futures ended lower as rainy weather in South America was expected the planted crops, while US corn futures values ended unchanged on the day, traders said.
River bids at a Mississippi River terminal in Iowa increased by 5 cents per bushel for corn and 3 cents per bushel for soya. The bids were raised in an effort to stay in line with local competing elevators as farmer sales slowed, a dealer said.
Analytical firm Informa Economics cut its forecast for US 2015 corn plantings to 88.01 million acres and raised its estimate for US soyabean plantings to 88.78 million, the firm said on Friday in a note to clients.
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