US corn, soya cash bids steady to lower

Corn and soya cash bids were steady to lower on Friday pressured by lower CBOT futures after a key USDA report showed a larger-than-expected corn and wheat crop, dealers said. CBOT corn futures fell down to its new 40 cent daily trading limit after the report.
CBOT soyabeans fell 19 percent for September - the biggest monthly drop in three years - and ended the quarter down 9 percent. A corn bid was lower by 20 cents at a terminal in northern Ohio. A dealer in western Iowa noted very light farmer sales on fear prices would fall even lower. Elsewhere dealers characterised the market as quiet with no farmer sales. "Farmers ignored the market. There was a lot of disbelief," a grains broker in Chicago said.