Corn and soyabean spot basis bids were steady to firm across the US Midwest on Friday as farmers remained on the sidelines even as futures rose sharply. Cash corn prices climbed back above $7 per bushel at some points in the eastern part of the region but farmers are bullish on ideas of big export sales and likelihood of planting delays this spring.
Private exporters reported the sixth-largest sale of US corn on record - 1.25 million tonnes sold to an unidentified buyer, USDA said on Friday. "This is the China announcement we've all been waiting for," one analyst said. Corn bids climbed 6-1/2 cents per bushel this week on the Illinois River, reflecting good demand for the grain for shipment to the US Gulf Coast.
Corn bids on Friday were firm on the Illinois River, at an Iowa ethanol plant and Indiana elevator. Soya bids also firm on Illinois River and at Iowa processor. Soft red winter wheat bids were flat. Wet conditions across much of Midwest continued to delay early fieldwork and many growers concerned fields will not dry out enough for start of planting season in coming weeks. CBOT corn futures seen higher on support from big export sale, with soya and wheat expected to follow. Corn futures ended overnight session at the highest level in more than two weeks.
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