Corn and soyabean spot basis bids were steady to firmer around the US Midwest on Thursday after Chicago Board of Trade grains and soya futures fell sharply on higher-than-expected US Agriculture Department crop stocks and production data, grain merchants said.
CBOT March corn futures fell its 40 cents daily trading limit while CBOT March soyabeans futures fell 1.7 percent on the USDA data. Early on Thursday several grain merchants posted protection in anticipation of sharply lower futures. Later on Thursday some grain merchants improved basis bids as CBOT futures continued to slide.
Farmer selling stalled and several merchants did not expect new farmer sales after the bearish USDA report was released. End users will continue to inquire about basis levels and will be looking for higher bids in coming days, said a Kansas City based rail broker. Corn and soya bids improved by 1 cent at a processor in Decatur, Illinois. A corn bid improved by 2 cents at an Iowa elevator and a soyabean bid improved by 5 cents at an Iowa processor. On the Illinois River a corn bid improved by 1/2 cent while the soyabean bid improved by 2-1/2 cents.
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