Spot basis bids for corn and soyabeans were largely unchanged around the US Midwest on Friday as the cash grains market came to a standstill ahead of the Christmas holiday break, dealers said. Many processors, elevators and ethanol plants had abbreviated hours for dumping grains or were shut down on Friday while the delivery points were also expected to be closed Saturday until Tuesday.
Light farmer sales noted early Friday as farmers took advantage of the seventh straight day of gains in soyabean futures and the sixth day of gains in corn, with each contract posting new multiweek highs. Many farmers booked sales of small volumes this week, with the sales accumulating into relatively large hauls for commercial processors and elevators and pressuring corn and soyabean basis bids.
However, most producers still have a large portion of this year's harvest yet to sell and the growers are likely to delay further sales until the new tax year of 2012. CBOT corn and soyabean futures each climbed modestly in thin trading Friday, bolstered by hot weather in South American growing regions. Spot CBOT soyabeans posted a second straight week of gains, adding 2.9 percent, while corn added 6.3 percent, its biggest weekly rise since mid-October.