Spot basis bids for corn were steady to mixed, while soyabean bids were steady to a touch higher around US Midwest Thursday amid some farmer selling late in the day as CBOT grains futures turned up, dealers said. Corn futures rebounded on Thursday as Argentina's grain exchange trimmed its corn output forecast. Higher corn figures supported higher soya and wheat.
A dealer in Iowa said farmers called late in the session on Thursday looking to sell old crop supplies as futures turned up. Corn and soya basis bids were flat at an Iowa point on the Mississippi River, but improved by 2 cents on the Illinois River. A soya bid improved by 2 cents in Decatur, Illinois but was weaker by the same amount at an Iowa elevator. Elsewhere, soft red winter wheat bids were unchanged. Elevators and processors have plenty of supplies from the rash of sales in recent days and some delivery points cut dumping hours because they nearly at capacity.
A Chinese trade delegation on Thursday signed agreements to buy $1.8 billion worth of soyabeans from the United States. Argentina's 2010/11 corn harvest is seen falling to 19.5 million tonnes, down 4 percent from the last estimate as dry weather hits yields, the Buenos Aires Grains Exchange said on Thursday.
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