Soyabean spot basis bids were higher at river terminals around the US Midwest on Monday while corn bids were steady to firm across the region, supported by the sharp downturn in futures, dealers said. Fresh sales of each crop at a near standstill even as farmers delivered recently harvested supplies to meet existing contracts. Growers also storing any supplies they can, the dealers said.
Cool temperatures and scattered showers in recent days delayed harvest in parts of the Midwest but many growers expected to resume crop cutting late Monday as weather forecast is for mostly warmer and dryer weather. Soya river bids supported by higher basis in CIF barge market while top global soya buyer likely to be on sidelines due to week-long national holiday this week. Corn bids firm at western Iowa ethanol plant and modestly higher on Mississippi River.
Soft red winter wheat bids plunged 40 cents per bushel in northern Indiana while sales of the grain already largely wrapped up for the year. CBOT grain and oilseed futures seen lower in follow-through selling from last week's bearish USDA report and concerns over the health of the global economy. CBOT corn and soyabeans were called to open 10 to 12 cents per bushel lower and wheat down 3 to 5 cents.
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