Spot basis bids for corn were mixed in the US Midwest interior early on Thursday and country sales were active in a few areas, grain dealers said. Soybean bids had a firm tone in the eastern Midwest but soya processing bids declined in the west, where several crushing plants were taking scheduled downtime. Soybean movement was subdued in most areas as farmers awaited higher prices.
River bids for both corn and soya were weaker. Several dealers reported corn movement as producers and elevators cleared space ahead of this year's harvest. "A lot of corn is moving in the country," an Indiana merchandiser said.
But others reported quiet sales as farmers eyed a strong close in overnight grain futures trading, signalling a higher open at the Chicago Board of Trade.
Chicago Board of Trade corm futures were called to open 2 to 3 cents per bushel higher and CBOT soyabeans were called 8 to 12 cents higher on forecasts for a return to warm and dry conditions in the Midwest this weekend.
CBOT wheat was called to open 1 to 2 cents higher, reflecting higher calls in corn and soya and crop tour reports of lower-than-expected projected yields for the US spring wheat crop.
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