US Midwest corn, soyabean bids steady

08 Dec, 2015

Spot basis bids for corn and soyabeans were mostly steady at processors and elevators around the US Midwest on Friday but the market had a weak tone, grain dealers said. Farmers booked sales of both commodities on Friday. Dealers noted renewed interest in corn as a futures market rally pushed prices near $4 a bushel in many areas. Many farmers have been waiting for corn prices to hit $4 since harvest.
Soyabean sales have been steady throughout the week. The futures market has risen for five days in a row. Wheat bids were steady to firm. Farmer sales of wheat have remained slow even as the futures market has rebounded from multi-year lows. Although the basis was mostly steady, soyabean bids fell by 9 cents per bushel in Davenport, Iowa. Corn bids were 2 cents lower at rail terminals in Hereford and Forth Worth, Texas.

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