Spot basis bids for corn and soyabeans were mostly steady to firm around the US Midwest on Wednesday as country sales of each crop remained light and harvests neared completion, grain merchants said. * Bids for both commodities were firm on the Illinois River and soya bids climbed 5 cents in Burns Harbor, Indiana.
-- Corn bids moved 5 cents lower in northern Illinois amid a "trickle" of recent corn sales, a dealer there said.
-- "It's the tail end of harvest selling. It doesn't amount to much but it's enough to put a ding in the basis," the dealer said.
-- Many farmers are keeping supplies in storage until next year in the hopes that prices return to the near record highs of the past summer. Growers have enough income to pay for input costs for next year's crop and are content with a wait-and-see approach with marketing of this year's crop.
-- Barge freight costs were steady to lower on Midwest rivers, further underpinning the basis.
-- USDA on Thursday will release export sales from last week and traders expect soya exports at 500,000 to 700,000 tonnes and corn sales ranging from 350,000 to 600,000 tonnes.
Comments
Comments are closed for this article.