Spot basis bids for corn and soyabeans were steady to firm at processors and elevators around the US Midwest on Friday, grain dealers said. A grain dealer at a river terminal in Toledo, Ohio, said farmers booked some sales on corn.
Soyabeans basis bids fell 5 cents at a river terminal in Morris, Illinois. Soyabean bids fell at least 2 cents at elevators in Chicago.
Grain elevators in southern Indiana and Ohio reported a slower pace of grain deliveries on Friday morning as snow-covered roads made trucking more treacherous. Some elevators were shortening grain dump hours on Friday as well, an Indiana grain merchant said.
Corn on a continuous chart gained about 1.9 percent for the week, capping the first two-week streak of higher prices since October. Investors were exiting their short positions during the rally, with open interest falling to the lowest levels since January 8, according to CME Group data.
Rising corn prices in South America resulted in some global buyers turning to the United States, traders said. USDA said export sales last week totalled 1.157 million tonnes, above analyst expectations ranging from 600,000 to 900,000 tonnes.
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