Corn and soya spot basis bids held steady at processors and elevators in the US Midwest on Thursday, as producers turned attention to planting activities instead of marketing crops, dealers said. Farmer sales were slow as many producers were focused on fieldwork including applying fertilizer and checking equipment in areas where weather conditions allowed. In some areas freezing temperature and frost threatened early emerging crops.
"Some guys took their foot off the gas in terms of planting because of the cold weather," an Iowa grain dealer said. Some producers remained bullish and were not ready to sell additional crops until cash prices rose higher, dealers said. A corn bid improved by 2 cents on the Mississippi River near Davenport, Iowa and a soya bid improved by the same amount on the Illinois River as export demand picked up in the US Gulf.
A processor in Blair, Nebraska improved its corn bid by 2-1/2 cents. CBOT corn and wheat ended higher as frost threatened some of the early emerging crop. A weaker US dollar and brisk exports also lent support. CBOT soya futures rose on a weaker US dollar and strong export demand for the US crop as South American supplies tighten. The IntercontinentalExchange mounted the biggest challenge yet to arch-rival CME Group's cornerstone US grain futures business on Thursday, launching five look-alike wheat, corn and oilseed contracts.