Corn spot basis bids were steady to firm at US Midwest processors and elevators while soybean and soft red winter wheat bids were unchanged amid slow country selling of all three commodities, grain merchants said. Farmers delayed sales as corn and wheat futures ended lower and soybeans modestly higher.
Prices are well below levels available late last year and most farmers are not expected to market their grains unless they need cash immediately. Few growers were calling dealers to inquire about prices as trade in the futures market stayed rangebound.
Rain and snow is forecast in the Midwest in the coming days but farmers not expected to begin fieldwork for at least another few weeks. Precipitation and melting snow continue to soften country roads, slowing deliveries on existing grain contracts. Corn bids firmed by 2 cents in Decatur, Illinois, and 1 cent in Blair, Nebraska.
Barge freight costs slightly higher on Mississippi River at St. Louis and steady on Illinois and lower Ohio rivers. Allendale Inc and Informa Economics released acreage projections for corn, soybeans and wheat ahead of the March 31 US Agriculture Department plantings report. A firm dollar and weak crude oil pressured grain futures at the Chicago Board of Trade, while short-covering lifted soybeans late.