Cash grain bids mixed; follow futures lead

U.S. cash grain prices were mixed Monday, following the lead of price action in the futures market.
Corn and soybean prices stumbled, succumbing to profit-taking in futures and slowly improving transportation, as the Midwest dug out from last week's winter storm over the weekend, a cash connected CBOT broker said.

U.S. grain futures were mixed Monday, closing with cash contract gains of about five to nine cents for winter wheat, and losses of two to three cents for corn, and seven to nine cents for soybeans. Basis levels held steady, as farmer selling remained light, as many producers with stored grain to sell were content to sit on the sidelines until after Wednesday's supply-and-demand report from U.S. Department of Agriculture, he added.

Basis is the difference between cash prices and futures.

Meanwhile, export demand and concerns about planting continued to support U.S. cash prices for hard red spring wheat. Demand for spring wheat, a high-protein variety grown in the northern Plains, has been strong after rains lowered the quality of wheat in Canada and Australia. Read more ...

This blog is written by Martin Little The Global Miller, published and supported by the GFMT Magazine from Perendale Publishers.