Spot basis bids for corn rose at processors and elevators around the US Midwest on Monday as dealers tried to boost supplies following weeks of slow farmer selling. Cash bids for soyabeans and wheat were mostly steady around the region, grain dealers said.
Farmer selling, particularly for corn, was expected to be slow again on Monday. Most farmers were bullish about corn and soyabean prices following futures rallies last week and wanted to see how high prices could rise before they committed to new sales. Dealers said that very few farmers were even calling in to processors and elevators to check on prices on Monday morning.
Farmers booked some sales of soyabeans on the rally last week and most had enough cash on hand to take care of their immediate expenses.
Corn bids rose by as much as 7 cents per bushel at a processor in Nebraska that was seeking to boost supplies to maintain its crushing pace. Farmers in Iowa were busy with planting tasks following heavy rains earlier this month that delayed seeding. Most farmers in other parts of the region were almost finished with planting both corn and soyabeans, dealers said.
In overnight electronic trading, the e-cbot trend for corn was up 4 to 8 cents per bushel while soyabeans were up 3-3/4 cents per bushel to down 6-3/4 cents per bushel. Wheat was up 1-3/4 cents to 5-3/4 cents per bushel in overnight e-cbot trading.
At the Chicago Board of Trade, corn futures were called 5 to 7 cents per bushel higher on concerns about dry weather in the Midwest slowing the growth of the newly seeded corn crop. Soyabean futures were expected to open 2 to 4 cents per bushel higher, following expected strength in corn. Wheat futures were seen 3 to 5 cents per bushel higher on a short-covering bounce.
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