Spot basis bids for corn and soyabeans held mostly steady around the US Midwest on Monday as futures rallied and farmers sold small portions of both commodities, grain merchants said. Dealers noted the first modest bump of sales in several days as corn futures climbed 2 percent and soyabeans 1 percent.
Many farmers remained on the sidelines, waiting for prices to surpass levels seen early last week. Farmers are also delaying sales until Wednesday's USDA crop production report. Corn and soyabean basis bids were pressured in recent days by heavy deliveries on January contracts.
Few processors or elevators have an urgent need for supplies and some slashed dumping hours following the rash of deliveries. Heavy snow in the western Midwest also slowed deliveries. Only one truck delivered supplies at a western Iowa elevator while more than 100 trucks dumped soyabeans at a processor in eastern Indiana, dealers said.
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