Spot basis bids for corn weakened at interior locations around the US Midwest on Thursday, while soyabean bids were mostly steady, grain dealers said. Along rivers, cash bids for both corn and soyabeans were higher.
Farmers booked some light sales of corn after a futures market rally pushed cash prices above $4 per bushel in some areas. "We are buying very tiny chunks at a time, but it's not adding up too much," a dealer in northern Ohio said.
Many farmers were calling processors and elevators to check on prices for commodities they will deliver in future months. The futures market rally is allowing farmers to consider locking in prices and setting budgets for the next few growing seasons.
The US Agriculture Department said Thursday morning corn export sales were 586,800 tonnes (old and new crop) in the latest reporting week. Analysts had been expecting corn export sales between 400,000 tonnes and 700,000 tonnes.
Soyabean export sales were 221,700 tonnes (old crop only), 11 percent higher than last week. Analysts' estimates had ranged from 150,000 tonnes to 250,000 tonnes. Wheat export sales rose 19 percent to 413,100 tonnes (old crop only), topping forecasts for 200,000 tonnes to 400,000 tonnes. Shipping costs were mixed on Midwest rivers. Some brokers were trying to find vessels to ship corn to the US Gulf.
On the Mississippi River at St. Louis, bids for barges rose 10 percentage points to 270 percent of tariff. Bids for barges rose to 255 percent of tariff from 250 percent on the lower Ohio River. Barges were bid at 320 percent of tariff on the Illinois River, down from 325 percent on Wednesday. At the Chicago Board of Trade, July corn futures closed 5 cents higher at $4.09-1/2 per bushel on concerns about dry weather in the eastern Corn Belt.
July soyabeans rose 1-3/4 cents to $8.27-1/2 per bushel, also on weather-related worries. July wheat rose 17 cents, a gain of 2.9 percent, to close at $6.06-1/2 per bushel on harvest delays in the US Plains.