Spot basis bids for corn and soyabeans fell at US Midwest river terminals amid higher barge freight costs on Wednesday, but were steady to firm at interior locations, dealers said. A few farmers booked corn sales as cash prices hit about $4.10 per bushel when futures rallied early on Wednesday, an Illinois dealer said.
But sales overall were dull as farmers were too busy in the fields or were putting off sales in the hopes that prices continue to climb. Dealers decreased bids along US Midwest rivers to offset higher barge freight costs, a dealer along the Mississippi River said. Corn and soyabean basis bids fell by 3 to 7 cents per bushel along the Illinois and Mississippi rivers.
Barges traded at 270 percent of tariff on the Illinois River, compared with offers of 265 percent on Tuesday. Barges traded as high as 300 percent of tariff on the Mississippi River south of Dubuque, Iowa, compared with a high trade of 295 percent on Tuesday. Soyabean bids firmed by 5 cents per bushel at a port location in northern Ohio amid extremely tight old-crop supplies, a dealer there said.
Soyabean futures neared an eight-month high at the Chicago Board of Trade due to tight stocks while corn hit a 6-1/2-month top on seeding woes. Futures markets also buoyed by injection of fund-managed money. CBOT July soyabeans settled up 7 cents at $11.69 a bushel. CBOT July corn ended 1/4 cent higher at $4.26 per bushel.