US Midwest soyabeans mixed, corn firm

24 Jun, 2009

Spot basis bids for corn were steady to firm at locations around the US Midwest on Monday while soyabean bids were mixed amid slow farmer selling, grain dealers said. A sharp drop in the futures market cut into cash prices, leaving them well below growers' targets, an Illinois dealer said.
Soyabean bids rose by as much as 5 cents per bushel in western Iowa but fell by as much as 10 cents per bushel in northern Ohio. Some processors were still trying to boost their crushing supplies and were willing to tighten basis levels. The US Agriculture Department said on Monday that corn was rated 70 percent good to excellent as of June 21, unchanged from a week earlier. Analysts had predicted that good to excellent crop ratings would be unchanged to up 2 percent.
Soyabeans were rated 67 percent good to excellent compared with 66 percent a week ago. Analysts had predicted the crop would be rated 66 to 68 percent good to excellent. USDA said soyabean planting was 91 percent complete compared with 90 percent complete at the same time last year. Analysts had forecast soyabean planting would be 91 percent complete. Bids for soft red winter wheat tightened as wet conditions in the field have slowed down the harvest, making it hard for dealers to find new supplies.
Barge bids were steady to firm Midwest rivers. Barges traded for 275 percent of tariff along the Illinois River, unchanged from Friday. On the lower Ohio River, bids for barges rose to 210 percent of tariff from 205 percent of tariff. Bids also rose 5 percentage points, to 225 percent of tariff, on the Mississippi River at St. Louis. Some dealers rolled their soyabean bids to the Chicago Board of Trade August futures contract from the July contract, which is set to expire on July 14.

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