Corn spot basis bids were firm at river terminals and mostly steady at interior points around the US Midwest on Thursday while soyabean bids were flat across the region amid slow country sales of both commodities, grain merchants said.
Flat soyabean futures and lower corn futures chilled any selling interest from farmers, who have been active sellers in recent days as futures soared. Many farmers have sold more than 60 percent of their old-crop corn and soyabean supplies and willing to wait to see if prices rise in the coming weeks before selling the rest. Some farmers now targeting $14 per bushel soyabeans and $6.50 to $7 per bushel corn, dealers said. Few growers called to check on prices Thursday as some dealers and farmers were already on break for the New Year's Day holiday.
Lower barge freight costs in recent days have supported the corn basis at river terminals, while corn bids eased by 1 cent in Decatur, Illinois, and held steady elsewhere. CBOT corn futures declined for the first time in 10 sessions as traders took profits while soyabeans climbed on robust export demand. Wheat also pressured by profit-taking. Futures could ease early next month amid index fund rebalancing.
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