Soyabean spot basis bids were firm at river terminals around the US Midwest on Tuesday while interior soya bids were largely steady as export remand rose and farmer sales remained light despite a more than 1 percent bounce in futures. Increased US Soyabean export demand and thin spot supplies lifted CIF soyabean basis bids at the US Gulf Coast on Tuesday to the highest levels since mid-July, grain dealers said.
Corn spot basis bids were firm in Toledo, Ohio, and on the Illinois River, and mostly unchanged elsewhere in light selling. Some farmers were putting in offers to sell corn and soyabeans at prices slightly higher than current levels, but few sales were seen on Tuesday.
Farmers were targeting $6.50 per bushel of corn in the western Midwest and $6.75 or better in the east. Soya cash prices pegged at $12 per bushel in the west and roughly $12.25 in the east.
Barge freight was flat on Midwest rivers. Soft red winter wheat bids were unchanged in slow seasonal trading even as futures rose 3 percent to a four-week high amid bitter cold temperatures in European and Black Sea growing regions. Soaring wheat futures helped to support corn and soyabeans, with strong domestic cash markets also underpinning prices.
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