Corn and soyabean bids were mostly steady to firm amid few farmer sales around the US Midwest on Wednesday, grain dealers said. Futures closed slightly higher at the Chicago Board of Trade but the gains were not enough to spur significant farmer selling, dealers said.
Farmers are holding tightly to any remaining old-crop supplies and will continue to do so until futures increase or decrease greatly. Corn bids firmed by 1 to 4 cents per bushel at rail terminals while bids held steady at river locations. Soyabean bids increased by as much as 18 cents per bushel at an Iowa processor.
Demand for soyabeans is strong as processors compete to secure old-crop supplies. Rain clouds are expected to hang over the US Midwest for the rest of the week, but warmer weather is forecast in the southern Corn Belt where farmers still need to complete planting tasks.
Barge bids along the Illinois River fell by 10 percentage points to 270 percent of tariff, while bids were flat on the Mississippi River at St. Louis and on the lower Ohio River, with bids at 220 and 205 percent of tariff, respectively. CBOT grain futures ended higher after choppy trade in which both corn and wheat traded in positive and negative territory.