US Midwest soyabean and corn bids steady to firm

Spot basis bids for soyabeans and corn were steady to firm in the US Midwest early on Tuesday and country selling remained quiet, dealers said.
Soybean crushers were aggressive bidders once again, with the spot basis at Decatur, Illinois, climbing 10 cents late on Monday.
Processors in Lincoln and Omaha, Nebraska, and Morristown, Indiana, raised bids by 3 cents Tuesday.
River soyabean bids firmed as well, but farmer offerings of old-crop soyabeans were limited to a few scattered loads. Most remaining old-crop stocks were tightly held, dealers said.
Corn movement was also sluggish, and bids inched up 1 to 2 cents in Cedar Rapids, Iowa, and Omaha, Nebraska, as corn processors tried to draw out supplies.
Uncertainty about crop prospects kept some farmers on the sidelines, especially in areas where recent rains swamped fields.
"Guys are bullish. Things look pretty dismal as far as crops (go)," a northern Ohio dealer said. He noted that some crop observers in his area were disappointed with crop conditions.
Weekly USDA crop reports issued on Monday showed no change in the condition ratings for corn and a slight decline for soyabeans.
USDA said 70 percent of the US corn crop was rated in good to excellent condition, steady with the previous week.
USDA said 67 percent of the US soyabean crop was rated good to excellent, down from 68 percent the previous week. USDA said 90 percent of the soya crop had emerged, ahead of last year's 86 percent and the five-year average of 89 percent.
CBOT corn futures were called to open 1/2 to 1 cent per bushel lower on bearish crop weather and quiet exports, traders said.
CBOT soyabean futures were called to open mixed, with nearbys called 3-4 cents higher and new-crop months seen 2-3 cents lower. Bull-spreading was expected to continue amid the tight old-crop stocks of US soya.
Also supportive were hopes for a resumption of normal soya trade with China after an apparent resolution of a Brazil/China conflict over shipments of Brazilian soya, traders said.
Wheat basis bids were steady. Dealers in central Indiana and southern Ohio were starting to see the first of the newly harvested SRW wheat arrive at elevators.
One southern Ohio dealer said the early arrivals were looking better than expected, given the recent wet spell, with test weights of around 60 pounds and minimal sprout damage.
CBOT wheat was called to open 2 to 3 cents lower on seasonal harvest pressure and bearish exports, traders said.