Corn spot basis bids were firm for delivery to river and rail terminals around the US Midwest on Friday while soyabean bids held mostly steady on support from light, scattered sales of each crop, dealers said. Rail corn bids in Evansville, Indiana, climbed to as much as $1.15 above CBOT September corn, bringing the cash price to more than $8 per bushel, a target price for farmers.
However, sales in the eastern Midwest were virtually non-existent as farmers took a bullish stance on any supplies remaining in grain bins. "There are no sellers in this marketplace. It's getting pretty tight on corn," a rail broker said on Friday.
A dealer along the Mississippi River in Iowa noted scattered sales in recent days, with some farmers cleaning out storage bins ahead of harvest later this year. Soyabean bids were weak in northern Illinois but steady elsewhere in the region. Barge freight steady on Midwest rivers. A heat wave forecast to hit the US Midwest next week is expected to stress developing corn throughout the day and night, providing no relief for a crop that needs a break when the sun sets to realise its full potential.