Corn spot basis bids rose at US Midwest processors and river terminals on Friday, on scarce old-crop supplies and slow new-crop sales, dealers said. Chicago Board of Trade corn futures ended higher on tight stocks and mounting concerns about dry weather around the US Corn Belt. Corn bids firmed at interior locations as farmers held on to remaining crop supplies.
"They expect bushels to be cut on Tuesday (in the monthly USDA report) and the demand is there, so they're waiting," a Chicago-based traded said of farmers holding out for higher cash prices. The US Agriculture Department will update its estimate of old-crop stocks in its monthly report on June 12. A corn bid jumped by as much as 20 cents for delivery through June 10 at a processor near Chicago.
Corn bids at river terminals improved by 3 cents to 4 cents on the Illinois and Mississippi Rivers. A corn bid also improved by 4 cents at a Toledo, Ohio port. Soyabean bids were steady to firm. River soya bids firmed by 2 cents at terminals on the Illinois and Mississippi Rivers. Many producers continue to be concerned about dry weather around the region.
Developing corn and soyabean crops in the US Midwest will be stressed by hot and dry weather forecast for the region this weekend, meteorologists said on Friday. CME Group said it will expand open-outry trading for the Chicago Board of Trade grain markets until 2 pm CT starting June 25 pending approval from the Commodity Futures Trading Commission.