Corn and soya spot basis bids held mostly steady on Monday at processors and elevators around the Midwest with very light farmer sales in the western Corn Belt, where harvest is largely wrapped up, dealers said. A dealer in Iowa noted a few loads of newly harvested crops sold early on Monday, and grain was delivered to begin fulfilling December contracts.
Overnight rain showers and continued wet conditions delayed the last leg of corn harvest in the western Midwest. Producers are beginning to get concerned about wet weather and the possibility of snow and frost in the western Corn Belt as the temperature drops, a dealer in central Indiana said.
Dealers said soyabean basis bids at river terminals have been rising the past week on improved demand. Soya bid improved by 5 cents to 7 cents at terminals in Illinois and Ohio, while a corn bid improved by 1 cent at a river terminal in Illinois. CBOT corn was 11 to 12 cents per bushel higher amid a rally in commodities and weaker dollar due to euro zone debt talks; soyabeans up 17 to 18 cents and wheat up 9 to 10 cents.
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