Corn spot basis bids were firm at river terminals around the US Midwest on Wednesday, rising 10 cents per bushel on the Illinois River, on support from thin supplies in the export pipeline, grain merchants said. The corn basis in the CIF export market was the highest since late July while bids at Midwest river terminals gained despite surging barge freight costs.
Soyabean spot basis bids weakened at river terminals around the region as barge freight jumped on the Mississippi River. A limited supply of empty vessels pushed up shipping costs on the waterways, traders said.
Farmers are nearly done with the corn and soyabean harvests, with sales and deliveries of each commodity light as the growers hold out for higher prices. Corn bids eased at an Illinois elevator while soya bids gained at an Iowa processor. Bids for both crops held largely steady at other interior Midwest processors and elevators in what has been a mostly quiet week of trading in the cash market.
Soyabean futures touched the highest level in more than three weeks at the Chicago Board of Trade, but the gains failed to entice much farmer selling. Corn offerings were also nearly non-existent as futures edged lower for the second straight session of narrow losses.