Sunday, November 21, 2010

Us midwest corn, soya bids steady

Chicago (november 21, 2010) : corn and soyabeans spot basis bids were mostly steady on friday in very thin trade, dealers said. bids were weaker at midwest river locations as barge freight increased on thursday. a soya processor in iowa improved its bid for the oilseed in an effort to spur farmer selling. a dealer there said farmers may be done selling for the year.
farmer new-crop sales in the us midwest have declined amid the end of harvest. end users have began to book deals with grain elevators into the first half of 2011, a cash industry source said. some dealers expect producers to hold out for better prices, keeping supplies in storage until cash prices reach targets. in ohio, producers inquired about cbot futures overnight values, but did not book sales, a dealer said.
cbot corn and soyabean futures values were pressured by processor soyabean basis bid improved by 5 cents in council bluffs, iowa. corn and soyabean basis bids were weaker by 5 to 5-1/2 cents on the illinois river. a corn bid on the mississippi river was lower by 1 cents. cbot january soya fell on friday on news china next week planned to sell vegoils from reserve stocks, traders said. cbot december corn followed soya lower. cbot soyabeans were down 12 to 13 per bushel, corn was 4 to 4-1/2 cents lower, and wheat was up 4 to 5 cents.