US Midwest corn and soya bids mostly firmer
Spot corn and soyabean bids were mostly steady to firmer around the US Midwest on Wednesday, supported by limited farmer selling of newly harvested crops, grain merchants said. Chicago Board of Trade corn and soyabean futures traded lower most of the day but closed slightly higher on late-session technical buying. The lower futures prices failed to inspire much farmer selling interest, dealers said.
Copyright Reuters, 2014
At one facility in Toledo, the corn basis rose by 3 cents a bushel and the soya basis rose 4 cents a bushel as merchants attempted to entice farmer sales. A river terminal in Morris, Illinois, lifted its corn basis by 5 cents and its soya basis by 2 cents. Wheat basis bids were unchanged on slow grain movement and light demand. Egypt's GASC bought 175,000 tonnes of Romanian and Ukrainian wheat via a snap tender on Wednesday. US SRW wheat was offered in the tender, but the delivered price was nearly $50 per tonne higher than the winning bids.