US Midwest soya and corn bids steady to firm

Spot basis bids for corn and soyabeans were mostly steady to firm in the US Midwest early on Friday, with soya processor bids leading the way higher, dealers said.
Crushers in Indiana, Illinois, Iowa and Nebraska raised the soyabean basis by 5 to 10 points as they continued their efforts to pry old-crop supplies from reluctant farmers.
However, dealers in Iowa posted 2 cents protection on soyabean bids, citing a 2-cent drop in overnight e-cbot soyabean futures. Some Iowa buyers reported a pickup in soya movement this week as flat prices approached $9.50 to $9.75 a bushel.
River soya bids were steady to weaker, pressured at some locations by a break in CIF soyabean values at the US Gulf. dealers said. River corn bids were firmer, lifted by stronger CIF values for corn at the Gulf.
Corn bids elsewhere were steady to 3 cents firmer, reflecting end-user demand after another week of sluggish producer sales. Farmers were preoccupied with fieldwork, including the harvest of soft red winter (SRW) wheat.
"We've had a lot of days with good weather, so everybody is out in the fields," a northern Ohio dealer said.
Cash bids for wheat climbed 2 cents in Ohio and Indiana as the SRW harvest picked up speed. Grain merchants, especially those in the country, were looking to buy the best quality wheat early in the harvest, fearing possible quality problems later on, dealers said.
"They want to stop it before it gets to the terminals," a southern Ohio dealer said.
A spell of wet weather in the Midwest in late May and early June raised concerns about head scab disease, which was a problem in last year's wheat crop, and sprout damage.
CBOT soyabean futures were called to open 1 to 3 cents per bushel lower, with profit-taking in the featured July-November bull-spread expected to push the July contract down 3 or more cents on the open, traders said.
CBOT corn futures were called to open 1 to 2 cents higher, boosted by news from USDA that exporters sold 300,000 tonnes of corn to unknown destinations, traders said. Support was also seen from chart-based signals and short-covering ahead of the weekend after this week's break to five-month lows.
CBOT wheat was called to open 1/4 to 1 cent lower on spill-over pressure from Thursday's fall to fresh eight-month lows, traders said.