Corn and soya spot basis bids were steady to firmer at processors and elevators around the Midwest on Tuesday as farmers inquired about prices but were slow to book new-crop sales, dealers said. Rainy and wet conditions continue to delay the last leg of corn harvest in the eastern Midwest, dealers said.
Two to six inches of snow was expected by late Tuesday in Ohio, Michigan and in south-eastern Illinois, an agricultural meteorologist said. An Indiana processor reported modest deliveries to fulfil previous contracts, a dealer said. Some soya processors improved bids in an effort to spur farmer sales. Producers have decided to store harvested grain and oilseed rather than selling.
Soya bids improved by 3 cents in Decatur, Indiana, by 11 cents in Cedar Rapids, Iowa, and by 2 cents in Council Bluffs, Iowa. Many producers remained bearish and waited for better prices, but it is not likely producers will sell additional amounts of new crop supplies before 2012. Corn and wheat bids were rolled to the CBOT March futures contract from the December at a processor in Decatur, Indiana. CBOT corn was called 1 to 2 cents per bushel higher on a weak dollar, firm crude oil and equities; soyabeans were called up 3 to 5 cents and wheat up 3 to 4 cents.