Spot basis bids for soyabeans were steady to firm early on Monday while corn bids were mostly unchanged, grain dealers said. Farmer selling of both commodities was expected to be slow on Monday as most growers were focused on planting tasks.
Some rainy weather on Friday and Saturday knocked some farmers out of the fields during the weekend. Conditions were expected to be dry enough in most areas for farmers to be planting again by the afternoon at the latest, dealers said. Farmers were racing to seed as much corn as possible before the optimal planting window shuts. Farmers could face yield losses for corn that is planted After mid-May.
Although the corn basis was mostly steady, bids fell by 4 cents per bushel in western Iowa. Dealers continued to roll their basis bids for corn, soyabeans and wheat to the Chicago Board of Trade July contracts from the May contracts. The May contracts are set to expire on May 14.
Chicago Board of Trade soyabean futures were down 9-1/2 cents per bushel to up 11 cents per bushel in Asian trading while corn futures were down 16-1/2 cents per bushel to up 3 cents per bushel. Wheat futures were up 10 cents per bushel to down 2 cents per bushel in Asian trading.
CBOT soyabeans were called 3 to 5 cents per bushel higher, supported by strength in crude oil and a weak dollar. Corn futures were seen opening 2 cents to 3 cents per bushel lower on ideas that corn was overpriced relative to wheat and soya. CBOT wheat futures were expected to open 3 cents to 5 cents per bushel higher on follow-through buying from a strong close on Friday, traders said.
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