Corn spot basis bids were firm at elevators and ethanol plants in the eastern US Midwest on Monday, supported by tight supplies and slow farmer sales, grain merchants said. Corn bids eased modestly at river terminals around the region on pressure from slow seasonal demand at the US Gulf.
Bids for soyabeans and soft red winter wheat were mostly steady. Dealers in eastern Corn Belt noted slight uptick in deliveries of supplies to meet existing contracts as many farmers have finished plantings and hauled truckloads of old-crop supplies to processors and elevators.
But few fresh sales seen as the growers are bullish and awaited further gains in prices after corn futures surged to a record late last week. Cash corn prices are above $8 per bushel at some processors and ethanol plants and growers eyed even higher prices before selling remainder of last year's harvest. CBOT corn and soyabean futures seen lower amid overall favourable weather in US Midwest while wheat seen higher on rising demand for the grain in the livestock sector. CBOT corn was called to open 1/2 to 1 cents per bushel lower, soyabeans down 3 to 4 cents and wheat up 3 to 4 cents.
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