Spot basis bids for corn and soyabeans were firm around the US Midwest on Friday as continued slow farmer sales led some processors and elevators to raise bids, dealers said. Some grain merchants expected the corn bids to continue on a firming trend as more corn is needed in the pipeline, the merchants said. Deliveries of previously contracted corn were steady at an elevator in western Iowa where clear but cold weather conditions facilitated smooth transportion, a grain merchant said.
Many US growers remain bullish and delayed booking new sales and waited for better values, while grain merchants boosted bids at elevators, processors, and at rail locations. Corn bids climbed 2 cents at a elevator Council Bluffs, Iowa astern Nebraska, where bids have climbed to a cumulative gain of 13 cents for the week. A corn bid improved by 3 cents at a processor in central Illinois, for a total of 9 cents more for the week.
CBOT corn bounced more than 2 percent for the week boosted by strengthening cash corn bids and fund buying. Private analyst Informa Economics raised its forecast for US 2012 corn plantings by 348,000 acres to 94.748 million on Friday morning. It also trimmed its soyabean acreage outlook and raised its wheat seedings view.