Soyabean spot basis bids were higher at processors around the US Midwest on Thursday and held steady at elevators and river points amid slow farmer sales and deliveries of the oilseed, dealers said. Corn bids eased at a Nebraska processor and along the Illinois River but climbed at a northern Illinois processor and western Iowa ethanol plant.
Farmer sales of both commodities were light as futures spent much of Thursday's trading session in the red. The few sales that were seen were for delivery later this year. Heavy snow drifts left many on-farm storage bins inaccessible while icy roads hampered truck deliveries to processors, elevators and ethanol plants.
Dealers described a largely quiet day with few farmers calling to check on dumping hours or basis bids a day after one of the worst snowstorms in a decade hammered much of the Midwest. Ice and snow limited traffic on the Illinois and Mississippi Rivers while barge freight costs spiked. Corn and soyabean futures pressured by profit-taking and gains in the dollar. But losses capped by strong exports of each crop. Wheat ended lower after rising to 29-month top in overnight Globex trade.
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