Spot basis bids for soyabeans were mostly weaker on Wednesday at processors around the interior US Midwest that were well-stocked with crushing supplies, grain dealers said. But corn bids edged higher at interior locations due to weeks of light farmer selling that had dealers scouring the country for corn.
At river locations, bids for both commodities eased. Brokers had plenty of soyabeans to meet current export demand, traders said. Farmer selling was slow on Wednesday. A few farmers booked sales of soyabeans but most were contracted for delivery after this year's harvest, an Illinois dealer said.
Corn sales were scarce. Most growers were optimistic that corn prices could rise higher in the coming months due to ethanol demand and were reluctant to commit to sales at current price levels.
Sluggishness in corn futures this week failed to shake farmers' bullish attitude so dealers have been edging their bids higher to try and keep farmers interested. Although the soyabean basis eased at most processors, bids rose by 3 cents per bushel at a plant in Chicago.
Shipping costs were mixed along Midwest rivers. Barges traded for 340 percent of tariff on the Illinois River, down from 350 percent of tariff on Tuesday. On the lower Ohio River, bids for barges rose to 250 percent of tariff from 230 percent of tariff on Tuesday. Barges were bid at 275 percent of tariff on the Mississippi River at St. Louis, up 5 percentage points from Tuesday's level.
At the Chicago Board of Trade, July soyabean futures fell 6 cents to $8.22-1/4 per bushel, following a technical setback in the soyaoil market. July corn futures closed down 5-1/2 cents at $3.74-3/4 per bushel, pressured by declines in wheat and soyabean futures.