Corn spot basis bids were firm at Illinois processors and river terminals and at an Ohio elevator on Monday, supported by slow farmer sales of the grain, grain merchants said. Soyabean bids were weak on the Mississippi River but mostly steady elsewhere in the US Midwest.
Few sales seen of either crop as growers wait for further gains in futures before resuming sales. High water on Mississippi River a concern and likely to cause delays in barge loadings. Shipping costs firm on the waterway. Wet fields in much of region also delaying fieldwork ahead of spring plantings next month. USDA will release its annual plantings report early on Thursday and analysts widely expect second largest corn acreage since World War II. Many farmers are bullish on ideas of thin grain stocks and good export demand.
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