Corn and soya spot basis bids held steady at elevators and processors around the US Midwest on Wednesday in mostly quiet trade a day ahead of the US Thanksgiving holiday, dealers said. Very light farmer selling noted in Indiana as farmers grow concerned about weak Chicago Board of Trade futures values.
Producers previously had a soyabean price target for $13 a bushel, but now some are willing to sell near $12 a bushel, a dealer in central Indiana said. Still, many farmers remained bullish and chose not to sell freshly harvested grain and soya in anticipation of better prices, dealers said.
A corn bid in Indiana improved by 3 cents in a effort to spur farmer sales as available processing supplies grow thin. Showers continued to stall the last leg of the corn harvest in the eastern Midwest. Rain storms in the last three days left 4 inches of standing water in some fields, a southern Ohio dealer said. "It could be another week or two before producers are able to run combines in saturated fields," the Ohio dealer said.
Soya river bids improved to 2 to 3 cents at two terminals on the Mississippi River. CBOT corn was called down 10 to 12 cents per bushel on concerns about the global economy, with soyabeans 14 to 16 cents lower and wheat down 10 to 12 cents.