Corn and soyabean spot basis bids were mostly steady to weak at US Midwest elevators, processors and river terminals on Friday as demand was dull following a recent spike in sales of each commodity, grain merchants said. Few sales seen early Friday and country movement likely to remain slow following steep plunge in corn and soya futures on Thursday.
But farmers were active sellers earlier this week and last week, pressuring the basis. Corn bids declined 5 cents at a northern Indiana port terminal while soya bids eased 3-8 cents at processors in Indiana and Iowa. Many crushing plants have slowed operations due to dull demand for soyameal. But corn bids were firmed at an Illinois ethanol plant and on the Illinois River, supported by limited supplies in the pipeline.
Soft red winter wheat bids were flat after rising earlier this week. CBOT grain and oilseed futures seen higher Friday, backed by dry weather in Argentina and rebounding from the largest daily drop since mid-November, with corn called to open 3 to 5 cents per bushel higher, soyabeans up 6 to 8 cents and wheat up 4 to 6 cents. Farmland boom alters 40-year Iowa corn yield model.
Comments
Comments are closed for this article.