Spot basis bids for corn and soyabeans rose on the Illinois River but eased on the Mississippi on Friday, while bids for both crops held mostly steady at interior locations around the US Midwest amid slow country sales, grain merchants said.
Farmers turned bullish following sharply higher futures on Thursday and further gains overnight. The growers likely to remain on sidelines, waiting to see how far prices rise before resuming sales. Lower barge freight on the Illinois River supported basis bids on Friday, while shipping costs held steady on the Mississippi and Ohio rivers.
Corn bids surged 21-1/2 cents this week on the Mississippi River and 18-1/2 cents on the Illinois, while soyabean bids rose 11 cents on the Mississippi, supported by declines in futures and shipping costs. Interior bids for corn and soyabeans posted only modest gains for the week even as farmers largely delayed sales. Many processors, elevators and ethanol plants have sufficient supplies to meet current needs.
Soft red winter wheat bids gained 5 cents this week in Toledo, Ohio. CBOT corn, soyabean and wheat futures all seen higher in a recovery from losses this week, but opening calls pared after cease-fire in Libya pressured crude oil. CBOT corn and wheat were called to open 15 to 20 cents per bushel higher, and soyabeans up 8 to 10 cents.
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