Spot basis bids for corn and soyabeans held mostly steady around the US Midwest on Tuesday as flooding along the Missouri River was monitored. Some elevators and processors along the Missouri River braced for impact from the floodwaters.
At least two soya processors in western Iowa were closed and not accepting grain due to rising water levels. Other areas along the Missouri River including Nebraska, Iowa and Missouri also braced for possible record flooding. Rail shipments were halted or delayed in areas due to rising water levels.
"There are a lot of rail problems in the western Corn Belt associated with the flooding along the Missouri River - several rail embargoes," said Newedge USA analyst Dan Cekander. In the eastern Midwest, farmers were busy in the fields and continued to plant crops. Barge freight rates held mostly steady. A corn bid on the Illinois River rose by 1 cent. Chicago Board of Trade corn futures closed higher on a weak dollar and on concerns about potential reduced US corn production this year because of delayed plantings due to wet weather.
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