US Midwest soyabean and corn bids steady to firm

Spot basis bids for soyabeans and corn were steady to firm at most US Midwest locations early on Monday as buyers tried to draw out grain from reluctant farmers, dealers said.
"We're trying to get stuff to move, and stay competitive," an Indiana dealer said of the higher bids.
Soybean processors continued to post the strongest premiums. The soyabean basis firmed 9 cents at Nebraska locations while crusher bids were up 5 cents in Lafayette and Decatur, Indiana.
Farmer sales of soyabeans were quiet. Dealers reported a pickup in soya offerings last week as flat prices reached $9.50 to $9.75 per bushel in many areas.
River soyabean bids were steady to sharply lower due to the approach of first notice day for deliveries against the CBOT July soyabean contract on June 30, dealers said.
CIF values at the US Gulf were steady for soyabeans and firmer for corn.
Corn bids were mostly steady to 3 cents higher after a lack of farmer sales last week. Crops were growing well, with one northern Illinois dealer noting that corn began teaselling during the weekend, earlier in the season than normal.
Corn bids eased 2 cents in Cedar Rapids after firming by the same amount last week.
Cash bids for soft red winter (SRW) wheat continued to move higher in Indiana and Ohio as dealers competed for high-quality wheat. Wet weather in late May and early June in the Midwest raised concerns of diseases that could show up in wheat harvested later, dealers said.
Combines were making good progress in the Midwest, and the expanding wheat harvest was another reason that sales of corn and soyabeans have been quiet.
"This will be the week for harvesting," a central Indiana dealer said.
CBOT soyabean futures were called to open 3 to 5 cents per bushel lower, led by nearby July, as traders continue to cash out of their long July positions and the July/November spread ahead of Wednesday's first deliveries. Good crop weather in the Midwest was also expected to weigh on futures, traders said.
CBOT corn futures were called to open 2 to 3 cents lower on satisfactory crop weather in the Midwest and quiet exports, traders said.
CBOT wheat was called to open 1 to 2 cents lower on news that Egypt on Saturday cancelled a tender to buy wheat. Seasonal harvest pressure was also seen weighing on the market.