Spot basis bids for corn rose at river terminals around the US Midwest on Thursday due to rising demand from exporters, grain dealers said. Cash bids for corn and soyabeans were steady at interior locations. Wheat bids were steady to firm around the region.
Farmer selling was slow on Thursday morning. Most growers were optimistic that corn prices could rebound from recent weakness due to demand from the ethanol sector. Cash prices for corn have fallen to a range of about $2.95 per bushel to $3.25 per bushel in most areas and many farmers were hoping that prices would rise by about 25 cents per bushel before they committed to any new sales. Farmers already have passed up opportunities to sell corn for more than $4 per bushel.
Farmers were more bullish about soyabean prices after a US government report issued late last month showed that planted acres were well below expectations. Some farmers have given dealers target prices of $9 per bushel for soyabeans, a dealer at a processor in southern Ohio said. Cash prices for soyabeans were currently $8.04 per bushel in that area.
Although corn bids were mostly steady, a dealer in eastern Iowa was offering a 7 cent per bushel premium for corn delivered on Saturday. In overnight trading, the e-cbot trend for corn was unchanged to 7-1/4 cents per bushel higher while soyabeans were flat to 12 cents per bushel higher. Wheat futures were up 2 to 11-1/2 cents per bushel in e-cbot trading. At the Chicago Board of Trade, soyabean futures were seen 10 to 12 cents per bushel higher due to forecasts for hot weather by the weekend.
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