September 12, 2013
Corn and soyabean spot basis bids eased at US Midwest processors and elevators on Tuesday amid the approaching harvest and promise of more plentiful supplies, dealers said. Growers continued to gather early-maturing fields of corn while a few farmers were also harvesting soyabeans that were stunted by hot and dry conditions during the last month or so. Yield reports varied widely.
Widespread harvest in the Midwest was still a few weeks away, but many buyers are unwilling to pay huge premiums for old-crop supplies when they will soon take delivery of the new crop. Corn bids fell 35 cents per bushel in northern Ohio and northern Indiana while soyabean bids eased 25 cents at an elevator near Chicago. Corn bids also declined 40 cents at a rail terminal in the cattle region of Hereford, Texas.
Growers continued to delay fresh sales with Chicago Board of Trade futures locked in their recent narrow trading range. The farmers have sold small portions of what they expect to harvest this autumn and intend to store all the supplies they can in the hopes of selling at higher prices later. Courtesy Reuters
Published in ZaraiMedia.com