CHICAGO: Spot basis bids for soybeans eased along US Midwest rivers on Wednesday, declining following weaker prices earlier this week for soybean barges bound for US Gulf Coast export terminals, grain buyers said.
A spike in soybean futures to 3-1/2 week highs this week enticed some farmers to sell their beans, while many buyers have already turned their attention to new-crop bushels that will be harvested beginning next month.
Demand overall remained strong for export and domestic crushing, but soybean users were awaiting cheaper supplies during harvest. One terminal in Cincinnati, Ohio, along the lower Ohio River, was bidding $10.55 per bushel of soybeans delivered this week and $10.32 delivered on Sept. 1.
Corn bids were up 1 cent at terminals along the Mississippi and Illinois rivers, but plunged 7 cents at a closely tracked wet corn mill in Cedar Rapids, Iowa. Some elevators along rivers were selling to processors that were paying higher prices for corn than shippers to the Gulf.
Soft red winter wheat bids fell by 10 cents in Cincinnati.
US Energy Information Administration data earlier showed weekly US corn-based ethanol output at an average of 1.029 million barrels per day, matching the record-high rate first seen last month.
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