CHICAGO: Spot basis bids were mostly steady to higher for U.S. Midwest corn, soybeans and soft red winter wheat early on Tuesday as farmers delayed sales of each commodity and prepared for the spring plantings, dealers said.
Cold and wet weather kept farmers out of the fields in much of the region but the growers were maintaining equipment or working on other on-farm tasks in lieu of selling or delivering old-crop supplies.
Corn and soybean futures climbed overnight due to corn planting delays in the Midwest, however, the gains were not large enough to entice sales of either crop, dealers said.
Soybean bids rose at several processing plants, rising as much as 9 cents per bushel at a western Iowa crusher.
Corn bids were firm on the Mississippi River, at eastern Nebraska processor and Iowa ethanol plant. But bids eased modestly on Illinois River, pressured by higher barge freight.
SRW wheat bids firm in Toledo, Ohio, and Decatur, Indiana.
U.S. farmers seeded 7 percent of intended corn acreage so far this year, falling below trader expectations and the record planting pace of last year, USDA data showed late on Monday. U.S. Agriculture Department data showed on Monday.
A wet week ahead for the U.S. Corn Belt following heavy weekend rains will keep farmers sidelined from planting crops this week, a forecaster said.
CBOT corn was called to open 3 to 5 cents per bushel higher, soybeans steady to up 1 cent and wheat up 13 to 16 cents.
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