CHICAGO: Spot basis bids for corn and soybean bids softened at river locations in the US Midwest this week, reflecting softer demand from exporters at the US Gulf, merchandisers said.
Gulf bids for corn and soy shipped from the Midwest softened on Monday after the effects of Hurricane Barry were lighter than expected, easing exporter needs.
Basis bids for corn and soybeans weakened on Tuesday at Seneca, Illinois, on the Illinois River, a day after bids fell at Savanna, Illinois, on the Mississippi River.
Elsewhere, the corn basis was mostly steady with a few mixed changes. The basis fell by 2 cents at Cincinnati, Ohio, but firmed by 4 cents at Cedar Rapids, Iowa.
Soybean basis bids were mostly flat.
The spot basis for soft red winter wheat declined by 3 cents at Cincinnati, Ohio, as the harvest progressed. The US Department of Agriculture late Monday said the winter wheat harvest was 64pc complete in Ohio, up sharply from 29pc the previous week.
The wheat harvest also advanced significantly in Indiana, but in Michigan the harvest was only 2pc complete.
Comments
Comments are closed for this article.