Spot soyabean basis bids firmed in the US Midwest on Tuesday, reflecting a lack of country movement, while corn bids were steady to firm, dealers said.
Soyabean bids climbed 7 cents in Des Moines, Iowa, a jump of 17 cents since Friday as soya processors worked to draw out fresh supplies. Soy bids firmed at crushing sites in Decatur, Illinois, Lafayette, Indiana, and at river locations as well.
"It's an effort to keep close to the river markets, and to find those beans that may be left in the countryside," an Ohio dealer said of the firmer basis. However, he added, old-crop soyabean supplies might be running low.
Corn bids were mostly steady except at river locations, where the basis climbed 1 to 2 cents. CIF values at the US Gulf were firmer for corn and steady for soyabeans on Tuesday morning.
Corn sales have been sluggish since early last week, when a brief rally in Chicago Board of Trade corn futures triggered moderate movement.
"Guys sold what they wanted to sell last week," an Iowa dealer said.
Skies were clear across most of the US Corn Belt on Tuesday morning, and producers were busy planting the last of their soyabeans and spraying crops, dealers said. Showers were possible Tuesday through Thursday, forecasters said.
The US Department of Agriculture said the US soyabean crop was 85 percent planted as of Sunday, vs. 81 percent last year and the five-year average of 84 percent.
The soyabean crop was 70 percent emerged, up from 55 percent last year and the five-year average of 63 percent. USDA said 65 percent of the soya crop was rated in good to excellent condition, vs. 66 percent last year.
USDA said the US corn crop was 95 percent emerged as of Sunday, compared with 88 percent a year ago and the five-year average of 90 percent. USDA said 71 percent of the crop was in good to excellent condition, up from 69 percent last week.
The weekly Iowa report said 6 percent of the state's corn acreage and 6 percent of the soya acreage would have to be replanted.
CBOT corn futures were called to open 1 to 2 cents per bushel lower on improved crop weather this week in the Midwest and on better-than-expected USDA crop ratings, traders said.
CBOT soyabeans were called to open 3 to 5 cents lower, also due to the recent improvement in US crop weather, traders said.
Soft red winter wheat basis bids were mostly steady and farmer sales of wheat were quiet. CBOT wheat was called to open 1/2 to 1 cent higher on a mild recovery bounce after Monday's sharp price break, traders said.
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