Corn and soya cash grain bids held mostly steady on Friday at US Midwest elevators and processors weeks ahead of harvest, dealers said. Farmer sales remained non-existent on Friday as both CBOT soya and corn futures values closed lower pressured by economic concerns, dealers said. Producers were busy preparing for harvest throughout most of the Midwest instead of marketing grain, dealers said.
Some producers in the southern portion of the eastern Corn Belt have cut new-crop supplies, but stored the crops instead of selling. Harvest was still largely one to three weeks away throughout most of the Corn Belt. A processor in Illinois improved the corn bid by 10 cents in an effort to spur sales until harvest gets underway, a broker in Chicago said.
A rail bid in Fort Worth, Texas, also improved by 10 cents because the location does not have access to corn shipped from southern Illinois, while a bid in Hereford, Texas was down 10 cents because it does have access, a midwestern rail broker said. Informa sees US 2012 corn acreage as most in 68 years.
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