Corn and soyabean spot basis bids were mostly steady to lower around the US Midwest on Monday, pressured by a rally in the futures market that enticed farmers to boost sales, dealer said. Farmers and commercial elevators were relatively active sellers as futures both for corn and soyabeans rose to the highest levels in a week or more. The volumes added to the farmer sales seen late last week, replenishing supplies at ethanol plants and weighing on basis bids.
Corn bids fell by 5 cents per bushel at a processor in Decatur, Illinois, giving back all of the basis gains seen on Friday. Corn bids also had a weak tone due to sluggish demand in the southern US Plains cattle market. Soyabean bids were mostly steady to lower but rose slightly in Decatur, Illinois.
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