US interior spot corn and soyabean basis bids were mostly steady to firm early Tuesday on slow US farmer grain sales and good demand, dealers said. "Farmers are waiting for higher prices," one Iowa dealer said. "Their cash flow levels are fine after a profitable year and they think uncertainty about Asian (soyabean) rust (in the United States) could rally prices into the summer."
Bids along the Illinois River firmed early Tuesday, with a source noting that river transport problems had eased since Friday's reopening of the river. High water levels had forced the closure of a stretch of the Illinois for about a week.
"But we've got problems with the roads now," an Illinois River source said.
"The county has begun posting signs that trucks weighing more than 5 tons aren't allowed on the thawing roads until late April," he added. "(Grain) trucks usually weigh about 40 tons."
Spot CIF soyabean basis bids were firm, while CIF corn bids were steady early Tuesday, export sources said.
Chicago Board of Trade corn futures were called to open steady to 1 cent per bushel lower on Tuesday, on a large global feed grain supply and a lack of significant supportive news, brokers said.
In overnight export news, South Korea bought 52,500 tonnes of US corn for February-March shipment, and 157,500 tonnes of optional-origin corn for April-June shipment.
CBOT soyabeans were called to open steady to 2 cents per bushel lower on Tuesday on forecasts for weekend rains in South America's soya growing areas and technical selling after Monday's rally faded, brokers said.
In overnight export news, Taiwan bought 56,000 tonnes of US No 2 yellow soyabeans.
Wheat futures were called to open mixed, up 1/2 cent to down 1/2 cent per bushel, brokers said.
News that Iraq had bought 165,000 tonnes of US hard red winter wheat was seen as somewhat supportive, but follow-through technical selling was expected, floor brokers said.
Additional overnight export news was seen as bullish, with the Philippines buying 100,000 tonnes of US hard and soft wheat for March and April shipments. Traders were eyeing more cargoes for April and May, Asian traders said.
US Midwest cash wheat basis bids were steady to firm early Tuesday, grain dealers said.
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