Soyabean spot basis bids eased at US Midwest processors and elevators on Friday while corn bids were mostly unchanged amid light farmer sales of both commodities, grain merchants said. CBOT corn and soyabean futures rose more than 1 percent and farmers sold small portions of each crop.
Soyabean sales were largely limited to new-crop while corn sales were a mix of old- and new-crop supplies. Soft red winter wheat bids were flat and sales slow. Wheat futures eased 10-1/2 cents as traders locked in profits after futures hit a two-year high last week. The volume of sales of all three commodities was smaller than last week. Many farmers are waiting for cash prices to reach new highs before making further sales. Soyabean futures rallied amid support from strong export sales, and corn followed.
Soyabean bids fell 15 cents per bushel at a major central Illinois processor. Many soya processors have pulled back bids for old-crop supplies in preparation for the coming fall harvest. The processors have enough crushing supplies on hand and are not willing to pay high premium for few remaining soyabeans still in farmer hands.
A dealer on the Mississippi River said good-quality old-crop corn supplies still hard to come by. There is a glut of poor quality corn at the US Gulf and some exporters struggling to make grade on shipments requiring No 2 rated corn. Some shippers are holding out for new-crop supplies in order to "blend up" old-crop supplies. Barge freight costs steady to firm on Midwest rivers.