Cash corn basis bids were steady to mixed in the US Midwest interior on Wednesday and soyabean bids had a firm tone while producer sales of both commodities were light, dealers said. Corn movement slowed from earlier this week as corn futures paused after a run-up to all-time highs. River bids for both corn and soyabeans firmed, supported by falling barge freight costs.
Barges for this week on the Illinois River were offered at 450 percent of tariff, down from 475 percent on Tuesday. Offers on the Mississippi River at St. Louis fell to 375 percent, from 400 percent on Tuesday. Elevators on the Mississippi at the Quad Cities, on the Iowa/Illinois border, were still able to load barges despite the river being above flood stage at some locations.
Farmers were starting to plant corn in a few parts of Illinois but conditions were too cool and wet in much of Indiana and Ohio. Weather was improving for fieldwork in the western Corn Belt, with warmer temperatures and limited rainfall expected in the next week. But areas east of the Mississippi River should be cooler and a bit wetter through the weekend, a forecaster said.
CBOT May corn futures fell 3-3/4 cents to settle at $7.63 a bushel on a profit-taking setback after this week's record high spot price of $7.70-3/4. Worries about tightening US corn stocks continued to underpin the market. CBOT soyabeans closed higher, snapping a three-day sell-off as traders exited long corn/short soya spreads. CBOT wheat declined on technical selling and some outlooks for much-needed rain in the southern US Plains.
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