Spot basis bids for corn and soyabeans were steady to firm in most of the US Midwest interior on Wednesday as CBOT corn futures jumped a little more than 4 percent and soyabean futures more than 2 percent spurring some new crop sales, dealers said.
Producers sold both new crop and old crop supplies in portions of Iowa where planting is well underway for both corn and soyabeans, a grain merchant in western Iowa said. Planting pace worries persist in the eastern Midwest where rain and wet conditions have stalled progress.
A rail broker for southern Indiana and Ohio also noted a few new crop corn sales amid improved cash prices. Cash basis bids have been firming the last few days, but grain merchants noted both farmers and commercial resellers were slow to offer grain. Price targets were around $14 per bushel for soyabeans and $7 per bushel for corn.
Processors and elevators have improved bids in the last couple days in an effort to entice producers to sell. With the boost in CBOT futures on Wednesday some corn and soyabean sales were booked, dealers said. While there were spotty sales, some grain merchants still characterized market activity as quiet as producers largely monitored weather conditions.