The US Department of Agriculture on Thursday said that US soyabean export sales last week topped 1.1 million tonnes, the most in nine weeks, and US soyameal sales were a three-year high of 464,800 tonnes. Soyabean futures finished at a one-month high on the Chicago Board of Trade, while US corn futures eased on concerns about sluggish demand.
Cash bids for corn were steady to slightly firmer, dealers said. The corn basis was unchanged in Decatur, Illinois, they said. Export sales of corn last week were an eight-week low of 47,400 tonnes, according to USDA. Merchants are eyeing the Mississippi River as it is forecast to drop to near-record lows at several locations in the weeks ahead following the worst US drought in more than 50 years this summer. Navigation may halt if the river gets too shallow for boats to safely pass. The US Coast Guard tightened shipping restrictions on the lower Mississippi River on Thursday by cutting maximum barge drafts to 9 feet, from 10 feet earlier this week, because of low water.