Spot basis bids for soyabeans fell at river locations around the US Midwest on Monday but held steady around the interior, grain dealers said. Cash bids for both corn and wheat were mostly unchanged at interior and river locations.
Farmer selling was slow on Monday. Most growers had enough cash on hand from sales earlier this year so were unlikely to sell with prices for both corn and soyabeans below their targets. Most farmers remained optimistic that prices could rally before harvest due to rising demand for ethanol.
Also, many farmers were on hold to see what the US Agriculture Department's acreage report, scheduled to be released on June 29, showed before they committed to new sales.
US corn was rated 73 percent good to excellent as of June 24, up from 70 percent last week, USDA said. Soybeans were 66 percent good to excellent, up 1 percentage point from a week earlier.
Market forecasters had expected the condition of the corn and soyabean crops to stabilise after the region received some much-needed rain during the past week.
At the Chicago Board of Trade, July corn futures fell 9-3/4 cents, or 2.7 percent, to $3.57-3/4 per bushel, pressured by the rainfall in the eastern Corn Belt.
CBOT July soyabeans rose 7-1/4 cents to $8.04-1/4 per on a short covering rebound following a sharp decline on Friday. CBoT July wheat dropped 2-3/4 cents to $5.89-1/2 per bushel. Seasonal harvest pressure was hanging over the market, traders said.
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