Spot basis bids for corn in the US Midwest were mostly steady to firm on Tuesday while soyabean bids were mixed and country movement of both commodities was light, grain dealers said. "Everybody knows the market is called higher this morning, so they're going to wait and see what happens," a southern Ohio merchandiser said of local producers.
The corn basis firmed 3 cents at Decatur, Indiana, as buyers worked to attract farmer sales. River corn bids firmed, rebounding after from recent declines tied to rising barge freight costs. River soyabean bids were mixed.
Soya processor bids had a firm tone in the east, with the basis firming 2 to 5 cents in Indiana. But crusher bids fell 1 to 3 cents in Iowa, where recent rains eased worries about crop stress in some areas.
The US Department of Agriculture late Monday said 54 percent of the US soyabean crop was rated in good to excellent condition, up 1 percentage point from the week before.
USDA said 53 percent of the US corn crop was rated good to excellent, down from 55 percent the week before and well below the 77 percent good to excellent rating a year ago.
Spot red winter wheat basis bids were unchanged early Tuesday and the harvest was winding down in northern Ohio, dealers said.
At the Chicago Board of Trade, soyabean futures were called to open 10 to 15 cents per bushel higher and corn was called 3 to 5 cents higher on forecasts for a return to hot and dry weather after a brief mid-week cool-down, traders said.
CBOT wheat was called to open 2 to 3 cents higher, taking cues from the trends in corn and soya.
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