CHICAGO: Corn and soybean spot basis bids weakened at US Midwest processors and river terminals on Tuesday, pushed down by farmer selling amid the accelerating harvest of both crops and soaring barge freight costs.
One processor in Illinois reported good corn harvest activity, with soybean harvest expected to pick up next week.
The US Department of Agriculture said the US corn harvest was 15 percent complete as of Sunday. The soybean harvest was 10 percent complete.
Corn and soy bids at one Mississippi River terminal in Iowa dropped by 6 and 10 cents per bushel, respectively.
Barge freight costs soared by as much as 100 percentage points of tariff on the Mississippi, Illinois and Ohio rivers, pressuring cash prices paid to farmers, as the accelerating harvest boosted demand for empty vessels to haul grain to US Gulf Coast export terminals.
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