Spot basis bids for corn and soyabeans were steady to lower at elevators and processors around the US Midwest amid lower CBOT futures and slow farmer sales of both crops, dealers said on Tuesday. Lower CBOT futures values kept a lid on farmer sales. CBOT corn futures fell 1.67 percent and soyabean futures slipped nearly 1 percent.
A strong dollar and high oil prices pressured US grain futures for the second straight day. Producers held out for higher cash prices even a values dipped below target of $7 per bushel for corn and soyabeans below $14 per bushel for soyabeans.
Corn river bids were pressured as barge freight rates rose on higher fuel prices. Corn bids at points on the Illinois and Mississippi Rivers were 4 to 5 cents lower. A Mississippi river location near Davenport, Iowa plans to reopen on March 9 after being closed for the winter, a dealer said.
Many farmers focused on delivering supplies or preparing equipment ahead of spring plantings, not selling old- or new-crop supplies, grain merchants said. The Midwest corn and soyabean region will see more rains and snow this week which will maintain high water levels on the rivers, impacting grain barge traffic and delaying early spring fieldwork.