Corn and soyabean spot basis bids rose at processors, elevators and ethanol plants around the US Midwest on Thursday on support from recent slowdown in farmer sales, grain merchants said. Futures prices for both crops were expected to open sharply higher following the release of a bullish government grain stocks report and country sales were likely to increase, the dealers said. Very light sales seen ahead of the open.
Bids for each commodity fell at river terminals, pressured by higher barge freight costs and seasonal slowdown in demand at the US Gulf Coast, especially for soyabeans. But interior bids were firm - corn up as much as 14 cents per bushel at a northern Indiana elevator and soyabean bids up 5 cents at processors in Iowa. CBOT corn and soyabean futures called to open sharply higher after USDA slashed stock estimates for both commodities. Planting intentions came in near analyst expectations for corn and soyabeans.