Cash basis bids for corn and soyabeans were steady to firm at elevators and processors around the US Midwest on Friday as producers sold some new-crop supplies, dealers said. Producers sold small amounts of soyabeans, but most waited for prices to rise to $14 a bushel, dealers said.
New-crop corn sales trickled in but one Indiana processor noted strong competition from nearby ethanol plants whose cash prices were 20 to 30 cents a bushel higher. Soft red winter wheat bids was steady to firm as harvest wrapped up in portions of the eastern Midwest.
Some producers in southern Ohio chose to store wheat in on-farm bins instead of selling, a dealer said. Warmer temperatures expected next week will likely benefit the corn and soyabean crop, a weather forecast said. Some producers in the western Midwest were busy with field work, such spraying fertiliser, a dealer said. USDA reported export sales of US soyabeans in the latest week at 434,700 tonnes, within a range of trade estimates for 350,000 to 650,000 tonnes. USDA's weekly export sales report released on Friday showed net export sales of US corn last week at 1,490,500 tonnes, above estimates for 850,000 to 1,350,000 tonnes.
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