US Cash Grain-Corn, soy bids ease in west on light sales

CHICAGO: Corn and soybean spot basis bids eased at ethanol plants and processors in the western US Midwest on Thursday, pressured by a spike in futures prices and subsequent uptick in farmer sales of each crop, grain merchants said.

* Cash prices for old-crop soybeans rose above the target of $14 per bushel and new-crop corn above $6.50 per bushel, triggering sales at those levels, dealers said.

* High waters on the Missouri River are also likely to cause flooding and force closures at some delivery points. An elevator in Council Bluffs, Iowa, pulled its spot bids and was not accepting any deliveries due to the floodstage on the river.

* Soy bids fell at a processor in Sioux City, Iowa, where the Missouri River is forecast to rise 4 feet over the next few days, according to the National Weather Service.

* Corn bids were firm on the Mississippi and Illinois rivers on support from better export demand.

* Soft red winter wheat bids climbed in Illinois and Ohio ahead of harvest in the coming weeks.

* Farmers in the eastern Midwest actively planted corn and soybeans as warm weather this week dried fields and helped farmers catch up on plantings in advance of the insurance deadline to get the crop in the ground.

* Soybean futures closed at the highest level in two months and corn the highest close in nearly two weeks on support from an influx of investment fund money and concerns over flooding along the Missouri River.

Copyright Reuters, 2011