Spot basis bids for corn and soyabeans were steady to firm at processors and elevators around the US Midwest on Monday amid light selling from farmers, grain dealers said. Growers wanted to get an idea of what direction the futures market was headed this week before they made any new marketing plans.
Most farmers have enough cash on hand from sales they booked throughout harvest season so there was little pressure for them to sell, grain dealers said. Country movement has slowed down during the past week so some dealers tightened their bids to spur interest from farmers.
In southern Ohio, corn bids rose by 6 cents per bushel because grain dealers have been able to clear some space at a processing plant in the past week and were looking for supplies to maintain crushing levels, a dealer said.
In overnight electronic trading, the e-cbot trend for soyabean futures was unchanged to 11-3/4 cents per bushel higher while corn was up 1/2 cent to 5-1/2 cents per bushel. CBOT wheat futures were up 3 cents to 6-1/2 cents per bushel in overnight electronic trade.
At the Chicago Board of Trade, soyabean futures were expected to open 7 to 10 cents per bushel higher due to early gains in crude oil and gold. CBOT corn was called 3 to 5 cents per bushel higher, also due to early gains in outside markets. Wheat futures were seen 3 to 5 cents per bushel higher.