Cash basis bids for corn and soyabeans were steady to firm in the US Midwest on Friday because producer selling remained at a near standstill, dealers said. Fieldwork and a drop in cash prices since mid-April have halted most farmer selling. Cash corn prices have fallen below the $7 a bushel mark that some farmers were eyeing, while soyabeans have fallen below the $14 target.
For the week, the corn basis firmed 5 to 15 cents in many locations, including Toledo, Ohio (up 15 cents), Chicago (up 10 cents) and Blair, Nebraska (up 6 cents.) Similarly, soyabean bids were also up for the week (Toledo, Ohio, up 9 cents; Council Bluffs, Iowa, up 12; Lafayette, Indiana, up 5). Midwest bids for soft red winter wheat were steady to 10 cents higher for the week.
Corn and soya bids were mostly steady on the upper Mississippi and the Illinois rivers. Barge offers on the Illinois were up 5 points but were unchanged on the upper and mid-Mississippi in quiet trade. At the Chicago Board of Trade, corn futures edged higher on forecasts for wetter and cooler weather in the US Midwest in the next few days that will likely slow planting.