Spot basis bids for corn and soyabeans were mostly steady to a touch higher around the US Midwest on Friday amid muted farmer sales as CBOT soya futures ended lower. CBOT futures closed weaker as holders of long positions, nervous about the political crisis in Egypt and what it might mean for exports, exited ahead of the weekend, traders said.
There was some early interest in selling, but producers backed off as CBOT futures turned lower, a dealer at an Iowa elevator said. A river broker in Illinois said producers sold soya early on Friday. Early in the session, soyabean futures leaped more than 1 percent as a grains port strike threatened soya exports from Argentina, crude oil soared and China continued to buy US supplies of the oilseed.
A corn bid improved by 3 cents and a soya bid improved by 1/2 cent at a point on the Illinois River. A soya processor bid improved by 9 cents in Des Moines, Iowa. A rail corn bid improved by 5 cents in Columbus, Ohio. Otherwise, most dealers characterised the cash market as quiet. Farmers have sold nearly 80 percent of old-crop supplies and most await a rally before emptying the rest from storage bins. Supplies contracted for February delivery steadily arrived at elevators and processors in some areas.
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