US Midwest soyabean down

Spot basis bids for soyabeans fell at processors and elevators around the US Midwest on Friday while corn was mostly unchanged, grain dealers said. Despite the lowered basis bids, cash prices for soyabeans were still sharply higher around the region after a US Agriculture Department acreage report showed soyabean plantings were below expectations.
The report also said that planted corn acres topped forecasts. Dealers reported scattered country movement of both corn and soyabeans on Friday. A few farmers took advantage of the 40 cent per bushel rally in the futures market to book some sales of soyabeans but the increase only fuelled the bullish expectations of most farmers.
Many growers were planning on waiting until they had a better idea of what direction the futures market would take when it opens on Monday before setting new target prices for soyabeans, a dealer in northern Ohio said.
Some producers booked light sales of old crop corn despite the downturn in corn prices because they feared further declines in the coming months. But most growers were hopeful that demand for ethanol could spark another rally before harvest.
Dealers continued to roll their soyabean basis bids to the Chicago Board of Trade August futures contract from the July contract. They also rolled their corn bids to the September contract from the July contract.
Shipping costs were steady to firm on Midwest Rivers. Barges traded for between 355 percent and 360 percent of tariff on the Illinois River compared to 360 percent of tariff on Thursday. Bids for barges rose 10 percentage points to 340 percent of tariff on the Mississippi River at St. Louis. On the lower Ohio River, barges were bid at 290 percent of tariff, up from 280 percent of tariff on Thursday.
At the Chicago Board of Trade, July soyabean futures rose 40-1/4 cents, a gain of nearly 5 percent, to $8.50 per bushel and August closed 39-1/2 cents higher at $8.55-3/4 per bushel. The USDA acreage report fuelled the gains. CBoT July corn fell 10 cents to $3.29-1/2 per bushel and September fell 10 cents to $3.40 per bushel due to greater-than-expected corn plantings.
CBOT July wheat dropped 27 cents, a nearly 3 percent decline, to $5.82 per bushel while September wheat fell 26-3/4 cents to $5.97 per bushel as traders took profits following a rally to 11-year highs.