Spot basis bids for corn and soyabeans stayed largely unchanged in the US Midwest on Friday and farmer offerings were light, with dealers reporting only scattered sales of both commodities. River bids were mostly unchanged although the soya basis fell 2 cents at Davenport, Iowa, on the Mississippi River.
Barge freight values rose as grain shippers began buying freight, after selling it earlier this week. Barges for next week on the Mississippi at St. Louis were offered at 360 percent of tariff, up from 340 percent on Thursday. Most elevators on the Upper Mississippi were able to keep loading grain barges, but some locations may shut down next week due to high water. The river was above flood stage at numerous locations from St. Paul, Minnesota, to St. Louis.
Producers in the western Corn Belt turned their attention to spring field work and planting corn, a factor that slowed country grain movement. Farmers started planting corn this week in parts of Missouri, Illinois, southern Iowa and Arkansas. But wet conditions limited fieldwork in northern Indiana and Ohio.
At the Chicago Board of Trade, May corn settled 9 cents higher at $7.68 a bushel, buoyed by strength in outside markets including crude oil and gold, plus a weaker dollar. CBOT soyabeans soared as traders exited long corn/short soyabean spreads. Strength in crude oil lent support to soyaoil futures.
Markets shrugged off the USDA's April supply/demand report, in which the agency left its estimates of US 2010/11 corn and soyabean ending stocks unchanged. CBOT wheat rallied to a one-month high, buoyed by a weak dollar and the unwinding of long Kansas City/short CBOT wheat spreads.
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