Spot basis bids for soyabeans continued to weaken in the US Midwest on Tuesday after a collapse on Monday, but corn bids were mixed, dealers said. Expectations of bumper US corn and soya crops weigh on market; rains boost Midwest crop prospects.
Farmer sales of new-crop soyabeans have slowed following a breakdown in cash and Chicago Board of Trade futures prices in recent days. Corn sales were also quiet, a factor that supported the basis in some western Corn Belt locations. USDA late Monday said 68 percent of the US corn crop was rated good to excellent, unchanged from the previous week. Also unchanged were soyabean condition ratings, at 66 percent good to excellent.
Corn yield potential in Ohio seen up 7.4 percent - Pro Farmer crop tour. South Dakota corn maturity lags, but yields good - Pro Farmer tour. Barge rates mostly steady on Midwest rivers. Barge offers for this week held at 300 percent of tariff on the Mississippi River at St. Louis. Barges offered at 330 percent of tariff on the Illinois River, unchanged from Monday; lower Ohio River barges offered at 325 percent, up from 320.
At the Chicago Board of Trade, soyabean futures rallied after three days of steep declines, buoyed by news that China bought more US soyabeans. USDA confirmed China bought 175,000 tonnes (three cargoes) of 2009/10 US soyabeans in the past day; export traders said China bought up to 15 cargoes. CBOT November soyabeans rose 4-1/2 cents to settle at $9.59 per bushel. CBOT September corn edged up 1/4 cent at $3.14-1/2 per bushel. CBOT September wheat fell 1-1/4 cents at $4.70-1/2.