02092016Tue
Last update: Tue, 09 Feb 2016 10am

US Midwest soyabean bids flat

Spot soyabean basis bids were mostly unchanged in the US Midwest on Tuesday and country sales were light, dealers said. Prices for corn held roughly steady as more dealers rolled their basis to the Chicago Board of Trade March futures contract, shifting from the December and taking most of the 9-cent spread. The December expires next week.

Most growers have completed their harvest and were content to keep newly cut corn in storage bins. Cash prices in the $4 to $4.20 range (per bushel) did little to entice farmer sales. A cold snap late this week poses a threat to portions of the US hard red winter wheat crop. MDA Weather Services said the forecasted temperatures are not quite as cold as previous indications, but about 5 percent of the crop is still at risk of winterkill.

At the CBOT, March corn settled up 6-3/4 cents at $4.31-1/4 on short-covering, one day after falling to a life-of-contract low. CBOT January soyabeans ended down 1-1/2 cents at $13.19-3/4 after a seesaw trade, pressured by technical selling and fears that top buyer China might cancel or roll forward purchases of US soyabeans. CBOT March wheat ended up 6-1/2 cents at $6.68-1/4 on short-covering, export demand and worries about winterkill in the Plains.

Copyright Reuters, 2013