US Midwest corn, soyabean bids flat

Corn and soyabean spot basis bids were largely unchanged across the US Midwest on Friday as many farmers delayed sales while rains delayed the earliest phases of the autumn harvest, grain merchants said. Some growers sold small amounts of old- and new-crop corn after futures jumped to a one-month high in the wake of a bullish US Department of Agriculture monthly supply and demand report.
Few soyabeans were sold as prices for the oilseed tumbled to fresh multiyear lows before rebounding to close the session slightly higher. Many processors and elevators have reduced bids for each crop in recent weeks ahead of the harvest, when supplies are most plentiful. Growers, meanwhile, were likely to store as much of their harvest as possible in hopes of selling later at higher prices. Soyabean basis bids edged 2 cents per bushel higher along the Mississippi River in Davenport, Iowa, while corn bids were up 1 cent along the Illinois River in Morris, Illinois.