Spot basis bids for corn and soyabeans were flat at processors and elevators around the US Midwest on Thursday, grain dealers said. Dealers said farmers were not impressed with prices and was unwilling to sell grain. Farmers are hoping for $4 per bushel for corn, $9 for soyabeans and at least $5 for wheat.
News that China had ordered more than 1 million tonnes of corn from Ukraine was seen as bearish for prices for US corn, which has struggled to compete in global markets outside of a bump in international demand seen in recent weeks. Chicago Board of Trade March soyabeans dropped below technical support at its 10-day, 20-day, 30-day, 40-day and 50-day moving averages, closing near session lows.
The US Department of Agriculture said private exporters canceled the sale of 395,000 tonnes of soyabeans to China for 2015/16 delivery. CBOT March corn settled 3-3/4 lower at $3.65-1/2 per bushel. CBOT March soyabeans ended 15-1/4 cents higher at $8.67-3/4 per bushel.