Soybean, corn basis steady in muted trade

Spot basis bids for corn and soybeans were steady in the U.S. Midwest on Friday as buyers rolled their basis bids to the May futures contract and farmer sales remained light as prices eased.

Grain buyers continued to roll their basis bids for spot deliveries of corn and soy to be tied to CBOT May futures instead of March ahead of the upcoming March contract delivery period.

The U.S. Department of Agriculture on Thursday projected U.S. farmers would plant 94.0 million acres (38.0 million hectares) of corn in 2025, up from 90.6 million last year and above the average trade estimate of 93.6 million.

Chicago wheat, corn and soybean futures dipped on Friday as market players continued to worry about the impact of tariffs on U.S. agricultural trade.

Meanwhile, traders are positioning for the end of the month, and commodity funds with large net long positions are doing some liquidating, said McCormick.

CBOT May corn (CK25) settled down 11-1/2 cents at $4.69-1/2 a bushel after falling to its lowest point since January 10. May soybeans (SK25) settled down 11-1/2 cents at $10.25-3/4 per bushel.
Source: Reuters