Corn spot basis bids were mixed around the US Midwest on Thursday as tight old-crop supplies supported bids at some locations even as the harvest loomed, grain merchants said. Soyabean bids eased at river terminals, pressured by light export demand, but held largely steady at interior points.
Sales of both crops were light as most farmers balked at the recent downturn in futures prices. Growers also were waiting for release on Monday of USDA's monthly supply and demand report. Corn bids were firm on the Illinois River, in Toledo, Ohio, and at central Iowa ethanol plant. Bids eased at Midwest rail terminals.
USDA early Thursday said exporters sold 161,900 tonnes of US corn to South Korea for delivery this marketing year. Weekly export sales delayed until Friday due to US Labour Day holiday. The hottest summer in over half a century is shrinking the US corn crop, a situation that is projected to cut the nation's corn stocks to their smallest in 15 years next summer and boost already high global food prices, analysts said ahead of next week's USDA report.
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