US Midwest soya bids mixed, sales slow

Spot basis bids for soyabeans were mixed in the US Midwest Thursday and corn bids were firm, supported by a lack of farmer selling, dealers said.
Flat prices for corn and soyabeans tumbled as Chicago Board of Trade grain futures fell sharply Wednesday, triggered by bearish USDA acreage and quarterly grain stocks reports. The downturn kept producers on the sidelines.
"It's quiet. People are mad that the market went down," an Illinois dealer said.
"There is a lot of sticker shock," an Iowa dealer added.
The soyabean basis firmed in a few areas, with bids up 15 cents at Iowa locations as crushers continued to bid aggressively for old-crop soyabeans.
But soya bids fell 10 cents in Lafayette, Indiana, another soya processing site. Nebraska crusher bids were mixed, with the basis up 3 cents in Lincoln and down 1 cent in Omaha.
A few soyabean dealers rolled their basis bids from the July to the August CBOT soya contract, although most crushers have been posting bids against the August for several weeks.
Cash corn bids had a firm tone as most dealers rolled the basis to the CBOT September corn futures contract.
CBOT corn futures were called to open 2 to 3 cents per bushel higher on spillover from expected strength in soyabeans and on bullish export news. USDA pegged US sales of corn last week at 872,100 tonnes (old-crop/new-crop), above estimates for 500,000 to 700,000 tonnes.
CBOT soyabean futures were called to open 3 to 10 cents higher on an expected short-covering bounce from Wednesday's break and supportive exports. USDA put US soya exports last week at 206,800 tonnes (old-crop/new-crop), above estimates for 50,000 to 100,000 tonnes.
Cash bids for soft red wheat were steady, with some dealers rolling bids to the CBOT September wheat futures contract. A southern Ohio dealer said there wheat harvested from the area continued to look good, with test weights around 58 to 60 pounds per bushel and little damage.
Wet conditions slowed the wheat harvest in parts of central Indiana and Ohio, dealers said.
CBOT wheat was called to open 2 to 3 cents higher after Egypt bought 240,000 tonnes of wheat, with half being SRW wheat from the United States and the other half French soft wheat.