Spot basis bids for corn were mostly flat in the US Midwest interior on Tuesday while soyabean bids showed mixed changes and farmer sales of both commodities were slow, dealers said. River soyabean bids firmed, reflecting slightly higher CIF soyabean values at the US Gulf. Some shippers rushed to fill barges before high water levels on the Upper Mississippi threatened to shut down operations.
River corn bids were firm on the Mississippi and flat on the Illinois. The soyabean basis fell by a dime at Des Moines due to a localised mechanical problem at a processing plant. Wet weather across much of Midwest expected to delay any early fieldwork ahead of spring corn plantings next month.
USDA confirmed sales of 160,000 tonnes of US hard red winter wheat to Nigeria for 2010/11 delivery. CBOT corn futures called 8 to 10 cents per bushel lower on disappointment that a large sale of US corn to China rumoured in the market since late last week has not been confirmed.
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