US Midwest corn and soyabean basis bids were mostly steady to firm on Friday amid little farmer selling interest, while soft red winter wheat basis held steady, grain merchants said. Corn and soyabean basis was mixed at Midwest river locations, underpinned by weaker barge freight but capped by dull demand from exporters at the Gulf.
Farmer selling interest remained muted as prices were well below their desired selling prices. Producers want at least $4 a bushel for corn and at least $10 a bushel for soyabeans, several dealers said. Scattered rain on Friday stalled the tail end of the Midwest corn and soyabean harvest, but drier weather was in the forecast for early next week.
Barge freight eased on Friday. Spot barge rates were down more than 50 percent from highs set early last week. Spot barges on the Mississippi River at St. Louis were bid 425 percent of tariff, versus trades at 450 to 475 on Thursday. Spot barges traded from 465 to 475 percent of tariff on the Illinois River, compared with trades from 475 to 500 a day earlier.
Spot bids on the lower Ohio River fell to 425 percent of tariff, down 25 points from Thursday. Chicago Board of Trade wheat futures ended sharply higher on Friday following a short covering rally which helped lift corn and soyabeans despite weaker crude oil, lower stock markets, and demand concerns due to recession. CBOT December wheat settled up 16 cents, or 3 percent, at $5.54-1/4; December corn was up 3-1/4 cents at $3.80-1/4 per bushel; January soyabeans were up 2 cents at $8.96 per bushel.