CHICAGO: Spot basis bids for corn and soybeans were up at US Midwest river terminals on Thursday, supported by strong export demand for the crops and as shipping costs declined on the waterways, grain merchants said.
Farmers have delayed sales of corn and soybeans in recent days in the hopes of selling later at higher prices. The slow pace of sales and intermittent rain delays to the harvest limited deliveries of supplies to the river terminals, weighing on prices for hiring vessels to ship to the US Gulf Coast.
The lowest barge freight costs in about two weeks, coupled with increased bids for grain in the export market, meant that merchants were able to offer more to farmers. Basis bids for soy jumped 15 cents per bushel and corn firm by 4 cents at Davenport, Iowa. Corn basis also went up by 6 cents at Morris, Illinois, but bids were down by 1 cent at an elevator and a processor in Indiana and Iowa.
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