Spot cash bids for soybeans and corn in the U.S. Midwest remained mostly steady to mixed this week as grain markets experienced light trading activity and modest futures gains, according to dealers surveyed on Thursday.
Traders reported that soybean and corn basis bids were largely unchanged or varied only slightly at elevators, processors, and river terminals as nearby futures contracts for both crops advanced for a second session on technical buying. The Chicago Board of Trade (CBOT) saw January soybean futures rise modestly, supported by news of fresh U.S. export sales to China and spillover strength from corn and wheat markets. Corn futures closed higher, as robust export sales and a weaker U.S. dollar helped underpin prices.
Despite the modest futures strength, dealers noted that overall trade in the physical market was quiet, with few farmers bringing new supplies to market and limited shifts in locally quoted bids. Export sales data for the week ending mid-November showed soybean shipments at the low end of trader estimates, while corn sales exceeded expectations, contributing to the mixed bid picture.
Market observers say the subdued cash market reflects ongoing uncertainty around global demand especially China’s pace of soybean purchases and broader agricultural market dynamics that have kept many producers on the sidelines this week.
