Spot basis bids for corn and soyabeans held steady at processors and elevators around the US Midwest on Monday amid slow farmer selling, grain dealers said. A sharp rally in the price of soyabeans has farmers on the sidelines, expecting prices to rise more in the coming weeks.
Most growers were unlikely to sell soyabeans until the market showed some weakness, a dealer in northern Ohio said. Cash prices for corn were too low to interest farmers in booking any new sales. Most farmers still had bullish attitudes on corn prices due to ethanol demand.
The US Agriculture Department said on Monday afternoon the US soyabean crop was rated 68 percent good to excellent, up from 66 percent last week. Traders had forecast an improvement of 1 to 3 percentage points.
Corn was rated 73 percent good to excellent, in line with last week's figures. Traders had expected an improvement of 1 to 3 percentage points in corn ratings. Shipping costs were mixed on Midwest Rivers. Barges were bid at 365 percent of tariff on the Illinois River, up from 360 percent on Friday.
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