Us midwest soya bids firm, corn rises on rail

Chicago  (february 09, 2011) : soyabean spot basis bids were firmer at processors around the us midwest on monday while corn bids rose at rail terminals as futures fell and farmers largely delayed sales of both commodities, grain merchants said. interior bids for each crop have climbed at many midwest interior points in recent days as dealers tried to entice farmer selling.
but the growers are bullish. they have sold about 75 to 80 percent of old-crop supplies and, with ending stocks of both crops expected to dwindle into the summer, farmers are willing to gamble with what is left. truck deliveries to satisfy existing contracts picked up on monday after heavy snowfall last week left many rural roads inaccessible. still, some farmers cannot get to on-farm grain bins while others delayed deliveries amid rain and ice storms in parts of the southern midwest.
barge freight costs eased on midwest rivers. but slow demand for corn and soyabeans shipped at the us gulf pressured the basis along the illinois river. soft red winter wheat bids rose 5 cents in toledo, ohio. a southern ohio dealer said some farmers were surveying srw wheat fields after rains melted the snowcover. the farmers wanted to know the condition of the crop before selling - srw wheat futures remain near highest price since august 2008. wheat futures ended firm on support from robust export demand. corn and soyabeans fell as investment funds liquidated positions. corn set a fresh 30-1/2 month high early.

(Source: http://www.brecorder.com/news/agriculture-and-allied/world/1153381:us-midwest-soya-bids-firm-corn-rises-on-rail.html?hl=corn)