Corn and soybean barges are being loaded on the upper Mississippi River this week to signal the start of the river shipping season about a week earlier than normal.

Barges arrived upstream after repairs on a mid-Mississippi lock were completed last week, river shippers said. CIF soybeans for March positions at the Gulf weakened in the past week and are bid about 40 over the May. Corn bids also weakened with March positions bid about 35 over the May.

The Mississippi River season is starting a week earlier than normal. (Photo: Ron Chapple Stock)

In addition, corn trains are being loaded at a few Illinois elevators for shipment to the Southeast poultry and ethanol markets. Strong demand for corn by ethanol plants in Indiana and Ohio is forcing users in the Southeast to buy from Illinois, an Illinois dealer said.

Soybeans at inland markets were largely going to local processors.

Farmer selling of corn and soybeans increased on Monday in reaction to the higher Chicago futures that morning. That followed a fairly active week of selling last week as farmers sold then to raise cash for farmland rent and for tax bills.

Basis bids to farmers were relatively flat for corn and soybeans this past week, with elevators letting the higher Chicago board control the farmer selling. The basis bids have switched over to the May with dealers factoring in May’s premium in the switch. Crop futures have been trending higher, with corn at Monday’s close at a one-week high and soybeans and wheat at two-week highs.

While warm weather has farmers anxious to do fieldwork, most are holding off because of soggy ground. The snow from recent storms has melted and rain is forecast this week for much of the Midwest. Soil moisture appears plentiful in the Midwest, with a number of dealers reporting water flowing from field tiles.

USDA’s weekly export inspections on Monday had corn shipments at 37.5 million bushels, up from a week ago and but a little shy of the 39.7 million pace needed to meet USDA’s annual forecast. Japan and Mexico were the leading buyers, but Egypt and Saudi Arabia took sizable amounts.

Soybean shipments of 39.2 million bushels were up from a week ago but easily topped the pace needed to meet USDA’s annual forecast. China was the leading destination, with the Netherlands and Japan taking large amounts. Year-to-date shipments for the crop year are down about 7% from a year ago.

Wheat shipments of 16.3 million bushels were up from a week ago and were down slightly from the pace needed to meet USDA’s annual forecast. Year-to-date shipments are down about 12% from a year ago.

Weekly Grain Movement - March 1 - Cash rent bills prompt sales

Weekly Grain Movement - Feb. 23 - Higher prices and warmer weather prompt sales