Corn spot basis bids were flat to narrowly mixed in the US Midwest on Friday as some farmers boosted sales to take advantage of gains in the futures market, grain buyers said. Farmers sold large amounts of corn to an elevator in Davenport, Iowa, with the sales an equal mix of supplies remaining from last year and what farmers expected to harvest this autumn, a dealer there said.
New-crop Chicago Board of Trade December corn futures reached a session peak of $4.09 per bushel, equalling the high from June 8 that represented the highest level for that contract in about a year. Relatively limited corn farmer sales elsewhere bolstered bids at some river terminals and processors. Corn bids gained by 1 cent per bushel at a processor in Blair, Nebraska, while the basis eased by 2 cents at a processor near Chicago.
Soyabean spot basis bids also were narrowly mixed amid a slower pace of farmer sales than in corn. Soya bids weakened at a processor in Sioux City, Iowa, and a terminal along the Illinois River while bids were slightly higher in Davenport. Soft red winter wheat bids were flat in the eastern Midwest as farmers in parts of Indiana and Ohio continued to deliver relatively large amounts of freshly harvested supplies.
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