Spot basis bids for corn and soyabeans were mostly unchanged around the interior US Midwest Monday amid scattered selling by farmers who were trying to cash in grain they have been holding in storage, grain dealers said.
But cash bids for soyabeans rose at terminals along Midwest rivers due to strength last week in the FOB market, dealers said. Corn bids held steady at river locations. Wheat bids were mixed around the region, dealers said. Farmers who sold some grain were trying to lock in prices before an expected drop in the futures market on Monday morning. Soybean futures had shown some strength in overnight trading so growers were using that to price some crops they have been holding onto since last fall's harvest.
Most farmers that were selling were only booking light amounts, dealers said. Grain dealers were going to be aggressive in calling their customers on Monday to try to drum up some sales because of the interest that some farmers were showing, an Illinois dealer said.
Many farmers were calling in to processors and elevators to try and find out what direction prices were likely to move this week. Some rainy weather around the eastern Corn Belt during the past week provided some much needed relief to crops in the field but sent prices sharply lower.
In overnight trading, the e-cbot trend for soyabeans was up 2-1/2 cents per bushel to down 2-1/4 cents while corn was off 1/2 cent to 5-1/2 cents per bushel. Wheat futures were down 1 cent to 7 cents per bushel in e-cbot trading.
At the Chicago Board of Trade, soyabean futures were expected to open 1 cent to 2 cents per bushel higher on a technical bounce as traders covered some short positions. Corn futures were called 2 cents to 4 cents per bushel lower, weighed down by good crop weather around the region.
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