Spot corn basis bids were steady to higher on Monday amid slow farmer selling, while soyabeans were mostly steady, dealers said. Basis bids at river elevators were higher for both corn and soyabeans amid tight supplies, the dealers said. "They (farmers) are waiting for the market to go higher," an Indiana dealer said.
"They wait for 10 days and prices (of soyabeans) go $1 higher. They wait another 10 days, and prices go up another $1. They want to spread out their sales," he added. Dealers said farmers had generally sold 80 to 85 percent of their old crop supplies of corn and soyabeans.
Dealers continued to roll their corn and soyabean basis bids against the CBOT May contract, with the March in delivery mode and set to expire on March 14. In Asian trade, CBOT March corn rose 7 cents to $5.53 a bushel, and May rose 8-1/2 cents to $5.65. Futures were seen opening 5 to 10 cents higher on Monday.
CBOT March soyabeans rose 33 cents to $15.55 a bushel in Asian trade, and May was up 31 cents at $15.67-1/2. The market was called to open 30 to 40 cents higher. Both markets are supported by a weak dollar.
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