Spot basis bids for corn and soyabeans held mostly steady around the US Midwest Monday as farmers delayed sales amid expectations that prices for both commodities will continue to climb, grain merchants said. The bullish growers remained on the sidelines ahead of an expected higher open at the Chicago Board of Trade.
Farmers increased sales early last week but are willing to wait to see if prices rally further before selling more. Dealers continued to roll soya bids to CBOT March contracts from January, taking 5 to 15 cents of the roughly 9-cent spread between the two contracts.
Corn bids climbed 2 cents at a southern Ohio rail terminal and eased by that amount at an east-central Indiana ethanol plant while bids for the grain were unchanged elsewhere. Soft red winter wheat bids were flat. Dealers expect an influx of supplies this week as farmers dump grains to meet January contracts but truck deliveries were slow early on Monday, they said.
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