CHICAGO: Spot basis bids for corn and soybeans were steady to narrowly mixed in the US Midwest on Wednesday, underpinned by a slow pace of farmer sales, grain merchants said.
Futures for both crops rallied 1 percent or more at the Chicago Board of Trade, lifted by index fund buying, but many farmers were delaying sales in the hopes of even higher prices before selling supplies out of on-farm storage bins.
Corn bids had a firm tone along some Midwest river terminals amid limited fresh supplies in the export pipeline and weaker costs for barges to ship grain to the US Gulf Coast.
Dealers continued to roll soy bids to CBOT March soybean futures from the January contract.
The CME Group late on Tuesday posted 500 deliveries against January soy futures, bringing the total during the delivery period to 600.
Comments
Comments are closed for this article.