Spot basis bids for soyabeans fell in the US Midwest on Monday while corn bids were mostly unchanged at interior locations amid steady farmer sales, grain dealers said.
But river bids for both corn and soyabeans firmed after a drop in barge freight costs and higher bids from exporters at the US Gulf.
Spot soyabean bids fell up to 5 cents per bushel as combines rolled through fields during the weekend and farmers sold more new-crop into the cash market.
Corn offerings remained light due to low prices. Loan deficiency payments (LDPs) offered by the US government during periods of weak prices were running at 43 to 48 cents per bushel.
High LDPs tend to limit the movement of corn by setting a floor on prices, which allows farmers to store their grain for later sale without risking a drop in the market. Cash soyabean prices would have to drop 14 to 17 cents to trigger LDPs.
In northern Illinois, rains overnight Sunday delayed the harvest, dealers said.
At the Chicago Board of Trade, corn futures were called to open steady to 1 cent per bushel higher on follow-through from Friday's firm close and oversold technical signals, traders said. CBOT soyabeans were called steady to 1 cent higher on momentum from Friday's firm close and the market being technically oversold.
CBOT soft red winter wheat was called steady to 2 cents higher with follow-through buying expected after Friday's sharply higher close on smaller-than-expected US wheat production numbers released by the US Department of Agriculture on Friday.
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