Spot basis bids for soyabeans rose at locations around the US Midwest on Thursday, while corn bids were mostly weaker, grain dealers said. Slow country movement of soyabeans in recent weeks prompted dealers to boost their bids in an effort to entice farmers to commit to new sales amid a rising futures market.
But cash prices for soyabeans were still well below levels reached earlier this year, so farmers were waiting to see if the futures market would continue to rally before booking any new sales.
Dealers have reported scattered movement of corn in recent days as prices neared the $6 per bushel level. Most growers were closely monitoring the futures market to see if corn prices surpass that key benchmark.
The US Agriculture Department said on Thursday morning export sales of corn were 945,700 tonnes (old and new crop) in the latest reporting week. Analysts had been expecting corn export sales between 550,000 and 750,000 tonnes.
Soyabean export sales were 414,800 tonnes (old and new crop), in line with forecasts for 350,000 to 550,000 tonnes. Export sales of wheat were 388,300 tonnes (old and new crop), below trade estimates for 450,000 to 650,000 tonnes.
Chicago Board of Trade soyabean futures were up 10-3/4 cents per bushel to down 7 cents in Asian trading, while corn futures were up 1-1/2 to 5 cents per bushel. CBOT wheat futures were up 5 cents to 12-1/4 cents per bushel in Asian trading.
CBOT soyabeans were called 5 cents to 10 cents per bushel higher on optimism over prospects for US soya exports. Corn futures were expected to open 1 to 2 cents per bushel higher, supported by wet weather that was delaying early planting. Wheat futures were seen 7 to 10 cents per bushel higher due to fresh export interest.