Spot basis bids for corn and soyabeans were unchanged at most processors, elevators and river terminals around the US Midwest on Friday, grain dealers said. Although the basis was mostly steady, bids for both commodities firmed in some locations as dealers tried to piggyback on gains in the futures market to entice farmers to sell crops they have been holding in storage since the fall harvest.
The biggest gain came in Decatur, Illinois, where the corn basis rose by 5 cents per bushel. Farmers booked moderate sales of soyabeans, a dealer in northern Ohio said. The futures market rally on Friday was the biggest for soyabeans since mid-December and shook out both old-crop and new-crop bushels, he added.
In Davenport, Iowa, farmers were sellers of corn, a dealer in that area said. The corn basis was 20 cents higher than the soyabean basis at that location. Chicago Board of Trade May corn futures closed 1-3/4 cents higher at $3.58-1/4 per bushel. CBOT May soyabeans gained 14-3/4 cents to settle at $8.78-1/2 per bushel.
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