Spot corn basis bids on rivers in Iowa and Illinois were higher on Monday afternoon on slow farmer selling and improved demand, but values mostly held steady at interior Midwest locations. Grain merchants said corn bids were up 2 cents at river terminals in Iowa, and up 3 cents in Illinois.
Soyabean basis bids mostly remained steady, but dealers said there was a pick-up in farmer selling of new-crop soyabeans following a second straight day of gains in CBOT futures. "We bought quite a bit of new-crop beans," a dealer at an Ohio processor said, adding that farmers were getting $13.60 to $13.70 per bushel for soyabeans to be delivered in November.
Another dealer said his facility was paying farmers $13.67 to $13.75 for soyabeans delivered in November. The increased selling of new-crop soyabeans was due to CBOT soyabean futures rising 3.8 percent since Thursday after the USDA issued a bullish acreage report on Friday.
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