Spot basis bids for soyabeans and corn were firm in the US Midwest on Friday as domestic processors worked to replenish supplies, the harvest wound down and farmer grain sales slowed, dealers said. Bids for corn and soyabeans firmed at river locations in response to a late-week retreat in barge freight costs. Export demand for soyabeans at the US Gulf added support.
The soyabean basis firmed by 5 cents at Decatur, Illinois, a major processing site, while elevator bids for both corn and soyabeans firmed at Chicago. Rains crossed western and central portions of the Corn Belt on Friday but harvest delays should be minor in most areas, meteorologists said. At the Chicago Board of Trade, December corn settled up 1-1/2 cents at $3.79-3/4 a bushel, November soyabeans fell 3-1/4 cents at $8.95-1/2 and CBOT December wheat ended down 1/4 cent at $4.90-1/2.