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US Cash Grain - Bids flat; Missouri River level eyed

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Published June 7, 2011 Updated June 7, 2011 11:36pm

2 min

By Abdul Ahad

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CHICAGO: Spot basis bids for corn and soybeans held mostly steady around the US Midwest on Tuesday as flooding along the Missouri River was monitored.

* Some elevators and processors along the Missouri River braced for impact from the floodwaters.

* At least two soy processors in western Iowa were closed and not accepting grain due to rising water levels.

* Other areas along the Missouri River including Nebraska, Iowa and Missouri also braced for possible record flooding.

* Rail shipments were halted or delayed in areas due to rising water levels.

* "There are a lot of rail problems in the western Corn Belt associated with the flooding along the Missouri River -- several rail embargoes," said Newedge USA analyst Dan Cekander.

* In the eastern Midwest, farmers were busy in the fields and continued to plant crops.

* Barge freight rates held mostly steady.

* A corn bid on the Illinois River rose by 1 cent.

* Chicago Board of Trade corn futures closed higher on a weak dollar and on concerns about potential reduced US corn production this year because of delayed plantings due to wet weather.

* US soybean futures on the Chicago Board of Trade closed higher in a short-covering bounce after Monday's sell-off, with a weak dollar and strength in soymeal lending support, traders said.

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