Basis bids for corn were mostly steady to firm in the US Midwest interior early on Monday while soyabean bids were steady to mixed, with quiet sales supporting the basis for both commodities, merchandisers said. Soy processor bids held steady at most locations after firming last week. The exception was Lincoln, Nebraska, where the soya basis softened by 4 cents. Basis bids at river elevators were firm for soyabeans, reflecting higher CIF soyabean values at the US Gulf, while river corn bids were steady to firm.
Country movement was light and planting remained the top priority for farmers. Clear weekend weather across most of the Corn Belt helped speed planting progress.
"They're focused on getting the crop in the ground. Corn is pretty near complete, and soyabeans are probably half done," a southern Ohio merchandiser said.
An eastern Iowa grain buyer said about 1/2 inch of rain fell overnight, while light showers crossed northern Illinois on Monday morning. However, drier than normal conditions were an issue in some areas, prompting a higher opening call in Chicago Board of Trade grain futures.
CBOT soyabeans were called to open 5 to 10 cents per bushel higher, while CBOT corn futures were called to open 1/2 to 1 cent per bushel higher.
"There are increasing concerns about enough rain for emergence of corn and soyabeans in the east," Meteorlogix forecaster Mike Palmerino said.
CBOT wheat futures were called 2 to 3 cents higher on weather jitters, including concerns about dry weather in parts of the US Plains winter wheat belt.
Cash bids for soft red winter wheat were steady and country movement was quiet.
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