Cash bids for soyabeans firmed at processors and elevators around the eastern US Midwest early on Wednesday, but held steady in the western part of the region, grain dealers said. Spot basis bids for corn and wheat were mostly unchanged. Cash bids for soyabeans rose by as much as 5 cents per bushel at a processor in central Indiana.
Farmer selling was expected to be slow on Wednesday as cash prices were below targets set by farmers, grain dealers said. "I think they want to see everything go back up again," a southern Ohio dealer said. Most farmers still had bullish expectations for the price of both corn and soyabeans, so they were unwilling to book at current prices levels.
Cash prices for corn were in the $4.50 to $4.80 per bushel range, levels that farmers already have seen in recent months. Soyabean prices were around $12.18 to $12.88 per bushel, also too low for farmers who were hoping for prices of more than $13 per bushel.
Most growers have committed to a greater-than-usual amount of sales this year, so they were under little pressure to sell, dealers said. Farmers had enough cash on hand to handle their immediate expenses. Some snow and icy conditions around the entire Midwest would likely slow growers' delivery of grain they had previously contracted to bring to elevators and processors. Farmers avoid hauling grain when road conditions are poor.