Spot basis bids were steady to higher for US Midwest corn and soyabeans on Thursday as farmers stayed on the sidelines even as futures climbed. Corn bids were firm at processors and elevators while soyabean bids climbed at crushing plants in the western part of the region. Bids for both crops rose at river terminals following decline in barge freight costs in recent days.
Soft red winter wheat bids were steady. Farmers are bullish and willing to wait to see how far prices rise during expected wet and cold end to April. Fields across much of the Corn Belt are still too wet to sow and prices typically rise during planting delays.
Old-crop prices targets still pegged at $14 per bushel soyabeans and $8 per bushel corn. Some processors and elevators are scrambling for fresh supplies and taking delivery on May contracts more than a week before the end of April. Corn futures rose modestly Thursday on support from US planting delays while soyabeans rose 1.7 percent amid strong export sales. Wheat rose sharply, capping its biggest weekly gain in nearly five months, amid weather woes in global wheat regions.