Spot basis bids for soyabeans rose at most processors and elevators around the US Midwest on Wednesday while corn bids were steady to firm, grain dealers said. Farmer selling was slow on Wednesday as cash prices have fallen well below farmers' expectations.
Cash prices for corn have fallen below $4 per bushel in many locations around the region. Soyabean prices ranged from $7.98 to $8.33 a bushel. A slow harvest also was contributing to the light cash market sales during the past few weeks, dealers said.
Most farmers wanted to finish their deliveries of crops they had previously contracted to sell and fill their storage bins before they committed to any new sales. Although the soyabean basis was mostly stronger, bids fell by 7-1/2 cents per bushel at a terminal along the Illinois River. Shipping costs were mixed on Midwest rivers. Barges traded for 875 percent of tariff on the lower Ohio River, up from 850 percent of tariff on Tuesday. On the Illinois River, bids for barges fell 25 percentage points to 625 percent of tariff.