US Midwest corn and soybeans bids ease on river

May 16, 2013

Corn and Soya
Corn and Soybeans

Corn and soyabean spot basis bids eased at river terminals around the US Midwest on Tuesday following a recent spike in farmer sales and amid wild fluctuations in the expiring May futures contracts at the Chicago Board of Trade, grain merchants said. The CBOT May soyabeans contract and CBOT May corn contract expired at midday with premiums near contract highs over their respective July counterparts.

Corn and soyabean

Most grain merchants were already posting against July beans and July corn and eased their bids to reflect the gains in the spread and maintain a profit margin. Soya bids eased 12 to 13 cents per bushel on the Mississippi and Illinois rivers while corn bids declined by 2 to 3 cents on the waterways. Bids for the commodities were steady to higher at interior processors, elevators and ethanol plants as a modest bump in country selling earlier this week failed to satisfy demand after a slow pace of sales in recent weeks. Largely dry conditions across the Midwest also allowed farmers to plant corn seeds, reducing the already slow pace of deliveries to market and further underpinning bids. Reuters

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