CHICAGO: Spot basis bids for soybeans at US Midwest river terminals were mixed and higher at elevators and processors on Friday, while those for corn were steady to narrowly higher, grain merchants said.
River soybeans basis bids rose by 1-9 cents per bushel along the Illinois and the Mississippi rivers, but fell by 2 cents at one location along the Mississippi River. Soy bids also fell by 3 cents at an Ohio elevator near the Maumee River.
Soybean futures prices increased on concerns about planting delays in Argentina due to rains and a rise in palm oil prices to the highest level in more than four years. Also, Argentine soy planting acreage declined by 2.5 percent from the previous crop year.
Meanwhile shipping costs were lower Thursday afternoon, due to plentiful empty vessels available to ship to the US Gulf.
Corn basis bids were mostly unchanged, but were narrowly higher at an elevator near the Ohio River, river terminals along the Illinois and the Mississippi rivers and an Indiana ethanol plant.
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