Spot corn and soyabean basis were mostly steady in the US Midwest Monday and country sales were hushed as farmers held out for higher prices, dealers said.
"There isn't much movement with the prices down. Nobody is interested in selling," an Iowa dealer said.
Heavy weekend rains swamped fields in scattered parts of Illinois, Indiana and Ohio, dealers said. Accumulations as of Saturday totalled 3 to 4 inches in northern Indiana, the National Weather Service said. Grain dealers in Ohio reported 1 to 3 inches of rain, with locally heavier amounts.
An Illinois River dealer said the river was too high to load barges Monday morning, although grain prices were not yet affected. The Mississippi River was near flood stage at Dubuque, Iowa, but barges were still being loaded, a dealer said.
More scattered rains were forecast across much of the US Midwest through Wednesday, private forecaster Meteorlogix said.
Chicago Board of Trade corn futures were called to open 1 to 2 cents per bushel lower on overall good US crop weather in the Midwest, traders said.
CBOT soyabean futures were called to open 5 cents higher to 2 cents lower, with old-crop months seen firmer due to tight US soyabean stocks and a larger-than-expected May NOPA crush.
The National Oilseed Processors Association said its members crushed 109.9 million bushels in May, versus CBOT trader estimates for 106 million to 106.5 million.
News that China banned 15 more companies from shipping Brazilian soyabeans was also seen as supportive.
CBOT wheat was called to open 1 to 2 cents lower on seasonal pressure from the US winter wheat harvest and quiet weekend export business. Concerns that more rains in eastern US Midwest may have hurt some SRW wheat fields could limit losses, traders said.
US futures markets were closed Friday in observance of the state funeral for former US President Ronald Reagan.
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