US Corn spot basis bids held mostly steady around the US Midwest on Thursday, supported by tight available supplies and scarce farmer sales, dealers said. Some Iowa farmers sold light loads of old-crop corn, dealers said, but elsewhere sales were slow as farmers held on to the remainder of old-crop supplies.
Basis levels continue to be supported by tight available corn supplies. Dry weather and crop condition concerns have also kept farmers from booking new-crop contracts.
Weather forecasts earlier in the week predicted rain showers for north-western portions of the US Corn Belt, but more recent forecasts show drier weather, which increased concerns about already parched fields.
A corn bid fell by as much as 20 cents at an elevator near Chicago. A Nebraska processor corn bid fell by 4 cents, while an Iowa processor bid improved by 3 cents.
Soyabean bids held mostly steady, but fell at some Midwest river terminals. A soyabean bid fell by 2 cents at a terminal on the Illinois River and by 3 cents at an Iowa terminal on the Mississippi River.
A wheat bid rose by 5 cents at a Toledo, Ohio port. US wheat futures rose on a sale of US soft red winter to China. Argentine farmers have gathered nearly all 2011/12 soyabeans but final harvesting is being slowed by heavy rains in areas parched by drought earlier in the season, a leading grains exchange said.