Corn barges are being loaded on the Mississippi River just north of St. Louis for delivery at Gulf export elevators, but otherwise business on the river has been slow, grain dealers said this week.
The basis for river-shipped corn is down about 10 cents a bushel in the latest week. The barges being loaded north of St. Louis fulfilled business sold last fall and there was little new business after those depart, the dealer said.
Grain movement 5/26: Ethanol plants, local processors best markets for corn, soybeans
A central Illinois grain shipper had a train load of corn going to southeast poultry markets and another to Texas, but otherwise his best market was to local processors.
In central Iowa, corn trains were also headed to Texas and the southeast, while the soybeans went to nearby processors.
On the Ohio River in southern Indiana, a corn barge was being loaded this week and another is scheduled for next week, which has been a typical shipping pace this spring..
Farmer selling of corn and soybeans has been fairly slow due to the recent slide in Chicago futures. On-farm stocks of soybeans are largely gone, while a number of dealers said a sizable amount of 2014 corn remains on farms. Farmers do sell a little corn each time the board ticks higher, they said.
Weekly export inspections released on Monday, reflected the slowing pace of export business, as the numbers were down from the previous week.
In western Illinois, 3 to 4 inches of rain fell in some areas halting any remaining planting, and may cause some replanting of some soybeans. However, most areas are largely done with corn planting and close to done on soybeans.
Grain movement 5/18: Farmers sell old-crop corn; river bids drop
Late on Monday, USDA reported corn planting was nearly complete and 84% was emerged as of Sunday. The emerged crop was rated 74% good to excellent, unchanged from the previous week.
Soybean planting advanced to 71%, compared with 75% a year ago and the 70% average. The season's first soybean condition ratings will be released next week.
Soybeans at 49% emerged compared with 46% a year ago and the 45% average.