Spot basis bids for corn and soyabeans were mostly flat in the US Midwest interior on Wednesday after firming earlier this week amid quiet country selling, dealers said. Grain sales were thin as farmers in some areas, including the western Corn Belt, worked the fields ahead of rains expected on Thursday. Wet soil conditions slowed field work in the eastern Midwest.
Country selling has also been curtailed by a two-week slide in Chicago Board of Trade soyabean futures. Producers remain bullish on corn after spot CBOT corn futures set an all-time high on Monday at $7.83-3/4. River bids for corn fell in response to weaker CIF corn values at the US Gulf. River soya bids were steady to weak. Barge freight values were flat but rising water on the upper Mississippi prompted some elevators to stop loading barges. Analysts expect the National Oilseed Processors Association to report its March US soya crush on Thursday at 127.75 million to 137.5 million bushels; average estimate at 133.19 million. NOPA reported the February crush at 124.88 million.
Informa Economics estimated US 2010/11 corn ending stocks at 575 million bushels, below USDA's latest forecast of 675 million. Informa projected the 2011 US corn crop at 13.9 billion bushels with a yield of 164 bushels per acre, lifting 2011/12 ending stocks to 871 million bushels. Informa projected 2011 US soya production at 3.3 billion bushels with average yields of 44 bushels an acre, with a 2011/12 carryout of 246 million bushels.
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