Soyabean spot basis bids were mostly flat and corn was steady to firm around the US Midwest on Tuesday amid slow country sales of both commodities, grain merchants said. Dealers largely characterised the market as quiet with little grain movement from the interior. It is likely farmers have sold much of what they plan to sell until January, a dealer in Indiana said.
A river dealer in Iowa expected previously contracted grain to move later in November and December. Barge freight rates were steady to a touch weaker on Midwest rivers. Many growers content to delay sales until next year unless prices rise dramatically. Cash soyabean price target seen at $12.50 to $13 per bushel and corn at $5.50 to $6.
Harvest is wrapping up earlier than usual in several portions of the Midwest due to early planting and fast combining pace. Rail corn bids improved by 3 cent in Indiana and 1 in Ohio. A processor in Nebraska improved its corn bid by 3 cents and an Iowa elevator improved its corn bid by 1 cent.
Soyabean futures on the Chicago Board of Trade closed mixed on Tuesday in choppy, light trade, with the front contracts lower on technical selling and forecasts for better South American soya crop weather. CBOT corn futures weighed down by profit-taking in nervous liquidation ahead of the Fed meeting results to be released late Wednesday.