Spot corn basis bids were steady to mixed in the US Midwest interior on Monday, while soyabean bids were mostly steady and sales of both commodities were slow, grain merchandisers said. Chicago Board of Trade grain futures were called to open higher, a factor that was keeping producers on the sidelines, hoping for higher prices. "When they hear the calls are higher, they say, 'I'll call back later,'" one southern Ohio merchandiser said.
Good rain fell in parts of Indiana and Ohio over the weekend from the remnants of tropical storm Arlene, but only from 0.10 to 0.75 inch of rain fell in north-west and central Illinois, private forecaster Meteorlogix said.
Concerns about a turn to drier weather this week and the potential for an atmospheric high pressure ridge in the northern Midwest later this week prompted higher opening calls at the CBOT.
Fears that the weekend storms may have blown Asian soya rust spores into Ohio and Indiana were also bullish for soyabeans.
CBOT corn futures were called to open 2 to 3 cents per bushel higher, while CBOT soyabeans were called 7 to 10 cents higher.
River bids for both corn and soyabeans were weaker, reflecting sluggish demand at the US Gulf export terminal. Spot CIF corn and soya values were lower early on Monday.
Spot bids for soft red winter wheat were mostly steady, with the harvest still a few weeks away, merchandisers said. The weekend rains raised concerns about the potential for head scab disease in the eastern Midwest, they said.
CBOT wheat futures were called to open 1 to 2 cents per bushel higher.