Spot basis bids for corn and soyabeans were mostly unchanged around the US Midwest on Thursday as farmers and dealers broke for the New Year's holiday. Corn bids firmed by 10 cents per bushel on the Illinois River and by 3 cents in Council Bluffs, Iowa, while soyabean bids fell by 9 cents per bushel in Council Bluffs.
Bids elsewhere were flat, with some grain buyers closing offices early. There was modest farmer sales of soyabeans reported earlier in the day, but many farmers delayed marketing decisions until at least next week even as futures closed the year on a firm note. Cash prices for corn climbed back above the price target of $4 per bushel while soyabean cash prices were north of $10 per bushel at many locations.
Cold temperatures remain in the forecast in the Midwest and Plains regions, while existing snowcover is expected to delay the final stages of the corn harvest. Rains are favouring developing soyabean and corn crops in Brazil's major grain-producing state of Parana.
At the Chicago Board of Trade, strong export sales, a weak dollar and firm crude oil prices boosted corn and soyabean futures. US Agriculture Department on Thursday put export sales of US corn at 772,500 tonnes, within the range of estimates for 550,000 to 800,000 tonnes. USDA said export sales of US soya last week totalled 1,075,000 tonnes, within the range of estimates for 800,000 to 1,200,000 tonnes.