US Midwest corn, soya bids mostly steady

October 19, 2013

Corn, soya
Corn, soya

Spot basis bids for corn and soyabeans were largely unchanged across the US Midwest on Wednesday with pressure from the harvest offset by a slow pace of new farmer sales, dealers said. Many growers in the central part of the region were finishing their soyabean harvest and moving back to corn fields. Yield results continued to come in mostly better than expected and farmers were delivering supplies to meet existing contracts.

But with futures for each commodity hovering near multi-year lows at the Chicago Board of Trade, the growers delayed any new sales in the hopes of selling later this year or early next year at higher prices. Cash price targets are $1 per bushel more above current levels, the dealers sad. Farmers were light sellers of corn in northern Ohio amid expectations prices could decline as the harvest accelerates, a dealer there said. Strong competition for freshly harvested soyabeans among processors and river terminals underpinned the soya basis – bids gained 1 cent per bushel at a terminal along the Mississippi River in Davenport, Iowa.Courtesy Reuters

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