Corn spot basis bids were mixed in the US Midwest on Friday, with fresh country movement pressuring values in some areas, dealers said. A closely followed processor in Decatur, Illinois, lowered its corn bid by 3 cents per bushel to 15 cents over the CBOT December contract. The corn basis at Blair, Nebraska, fell by 5 cents. But river corn bids on Midwest waterways rose by 5 to 7 cents, reflecting rising values for corn at the US Gulf export terminal.
Barge freight values for shipping on Midwest waterways hovered near historical highs on the Illinois and Mississippi Rivers, but softened on the lower portion of the Ohio River in the last week. Shipping on the lower Ohio River was quoted at 575 percent of tariff on Friday, down from 700 percent a week ago. Rail corn bids jumped 13 to 15 cents per bushel at Texas terminals as demand for grain strengthened and scarce freight capacity stalled movement, a rail broker said.
Soyabean spot basis bids held mostly steady at processing plants and elevators as harvest neared completion and deliveries of fresh supplies slowed, dealers said. Most dealers have rolled their soyabean bids to the CBOT January contract. Rainy weather and windy conditions halted deliveries and loading pace at a port near Toledo, Ohio, a grain merchant said.
Wet conditions stalled harvest activity but the weekend forecast showed drier weather for the US corn belt which will allow farmers to resume cutting crops. Informa Economics pegged 2013 US corn production at 14.223 billion bushels, up from its previous forecast for 14.010 billion, the firm said in a note to clients. Informa also raised its estimate of the average US soyabean yield to 43.3 bushels per acre from 41.7 last month, and upped its production estimate to 3.298 billion bushels from 3.176 billion.