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US Midwest corn and soya bids steady

Spot basis bids for corn and soyabeans held mostly steady around the US Midwest on Monday as slow farmer sales and tight supplies were offset by limited demand from processors, exporters and ethanol plants, dealers said. Corn bids jumped 8 cents per bushel at a closely-watched processor and ethanol maker in Blair, Nebraska, while bids were largely unchanged elsewhere in the region. 

Many domestic end users have sufficient supplies on hand for this month and are not pushing aggressively for supplies. 

Farmers, meanwhile, are preparing for the spring planting season and are likely to be busy with fieldwork, which will keep country offerings at a minimum for the next several weeks. Activity in the cash grains market is likely to be limited ahead of the US Agriculture Department’s monthly supply and demand report due on Wednesday. 

Copyright Reuters, 2013

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