Spot basis bids for corn and soyabeans were firm on the Illinois River and largely steady elsewhere in the US Midwest on Friday as the pick up in farmer sales this week was offset by better demand for each commodity, dealers said. Growing export demand at the US Gulf has supported river bids even as farmers have increased sales of both crops.
Country sales were lighter than in recent days, with the sales skewing more heavily to old-crop supplies and a larger amount of soyabeans sold than corn, the dealers said. Corn bids were also firm at rail terminals in the southern US Plains while corn bids eased 5 cents at a processor in eastern Nebraska.
Soya bids were flat at interior processors and elevators while soft red winter wheat bids were unchanged after easing slightly this week in the eastern Midwest. Cash premiums for soyabean barges slated for shipment to US Gulf export terminals next fall surged to the highest late-winter level in at least seven years on strong Chinese demand and worries about South American crop shortfalls, traders said. US soyabeans advanced for the 10th session in a row on Friday and hit a fresh five-month high, buoyed by growing export demand and a forecast by a closely watched analytical firm for lower soyabean production in Brazil.