Cash corn prices surge in farm country
U.S. cash corn basis levels across the Midwest strengthened, as falling futures prices forced end users to boost prices in an effort to draw supplies from farmer stockpiles.
Wednesday's sharp declines in futures prices caused U.S. farmers to shut the doors on storage bins, analysts said. As a result, cash basis bids were raised across parts of the Midwest to boost grain movement, analysts added.
Cash merchants in Cedar Rapids, Iowa are paying 55 cents above Chicago Board of Trade May futures, up 2 cents from Wednesday, and in Keokuk, Iowa basis bids are quoted at 42 cents above May futures, up 2 cents from Wednesday, according to data from the U.S. Department of Agriculture.
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(END) Dow Jones Newswires
March 07, 2013 14:15 ET (19:15 GMT)