Spot basis bids for corn and soyabeans were mixed at processors and grain elevators around the US Midwest on Monday due to scattered country movement in recent weeks, grain dealers said. Some dealers who have booked sales of corn and soyabeans were able to lower their basis bids by a few cents because they had enough supplies on hand.
"A couple of guys sold a load or two here or there," a dealer in southern Ohio said. Cash bids for corn fell by 2 cents per bushel at a processor there on Monday morning. But bids rose in some areas where farmers who were bullish about prices for corn and soyabeans have not sold many bushels, despite sharp price rallies in recent weeks.
"The phones are pretty quiet," a dealer in northern Indiana said. Corn bids rose by 6 cents per bushel at a grain terminal there. Many farmers had enough money to meet their immediate cash needs, so there was little pressure to sell. Some growers were looking to defer any payments until 2008 for tax purposes.
The overnight e-cbot trend for soyabeans was up 11-1/2 cents per bushel to down 1-1/4 cents per bushel, while corn was up 4 cents per bushel to down 3/4 cent per bushel. Wheat futures were up 21-1/2 cents per bushel to down 11-3/4 cents per bushel in overnight electronic trade.
At the Chicago Board of Trade, corn futures were called 2 to 3 cents per bushel higher due to bullish technical momentum and expected strength in wheat. Soyabeans were seen opening up 6 to 8 cents, after futures rose to 34-year highs overnight. Wheat futures were called 15 to 20 cents higher due to tight world supplies.
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