Corn spot basis bids were steady to weak at elevators, river terminals and ethanol plants around the US Midwest on Monday, pressured by a lull in demand while sales of the grain remained light, grain merchants said. Farmers have held supplies tightly for more than a month as CBOT corn futures trade in a narrow range. But the growers will start to deliver grain to satisfy March contracts later this week, replenishing supplies for end users.
Forecasts by USDA last week for increased corn plantings and lower grain prices might also spur a pickup in corn marketings as growers turn bearish, the dealers said. Corn basis eased 3 cents on the Illinois River and at an elevator in eastern Indiana while bids faded by 1 cent at an ethanol plant in western Illinois. Soyabean spot basis bids were firm at a central Indiana processor and lower on the Illinois River, with bids holding steady elsewhere in the region.
Soft red winter wheat bids eased 5 cents in Toledo, Ohio. Barge freight was steady to lower on Midwest rivers. Little country selling interest early Monday after CBOT corn, soya and wheat futures drifted lower overnight, pressured by a firmer dollar. Corn and wheat were called to open 3 to 5 cents per bushel lower and soyabeans steady to down 1 cents.
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