Higher soybean futures on Tuesday prompted a small increase in farmer selling of the 2015 harvest, while corn sales stayed light, Midwest dealers said.

Cash basis bids for corn and soybeans were largely unchanged as processors and shippers allowed the higher futures to prompt sales. Farmers want about $8.80 for soybeans and $3.55 to $3.70 for corn.

Warm weather expected this week should melt the remaining snow in Iowa and in central Illinois, dealers said. The melting conditions could make gravel roads soggy and impede truck travel. However, dealers said farmers are aware of the conditions and either hauled in crops during the colder weather or will wait until conditions improve.

Illinois trains took corn and soybeans to nearby processors. (Photo: Gyn9038/Thinkstock)

Much of the corn and soybeans that elevators shipped out stayed local. Illinois trains took corn and soybeans to nearby processors and Iowa trucks took corn to ethanol plants. An Iowa elevator on the Mississippi River continued to have the best bid for soybeans for a late-March opening of river shipments.

USDA’s weekly export inspections on Tuesday had soybean shipments at about 64.7 million bushels, up from a week ago and more than is needed to meet USDA’s annual forecast. China was the leading destination, with the Netherlands and Vietnam taking large amounts. Year-to-date shipments for the crop year are down about 11% from a year ago.

Corn export shipments of 27.2 million bushels were up from a week ago but less than what is needed to meet USDA’s annual forecast.  Mexico, Japan and Peru were the leading destinations. Year-to-date shipments are down about 20% from a year ago.

Weekly wheat shipments of 14.1 million bushels were down slightly from a week ago and down from what was needed to meet USDA’s annual forecast.  Yemen, Indonesia and the Philippines were the leading destinations. Year-to-date shipments for the crop year that began June 1, 2015, are down 11% from a year ago. 

USDA’s grain transportation report released last week said grain rail car loadings for the week ended Jan. 30 were down 6%  from a year ago.

In the report’s fuel segment, USDA said the average retail U.S. diesel fuel price on highways for the week ended Feb. 8 was $2.01 per gallon, down 2 cents from the previous week and down 83 cents from a year ago.

Weekly Grain Movement - 2/8 - Market downturn slows farmer sales

Weekly Grain Movement - 2/2 - Snow storm dominates talk early in February