Spot basis bids for soyabeans and corn held steady in most locations around the US Midwest on Monday, but the market had a weak tone in anticipation of a pick-up in the pace of harvest in the coming days, grain dealers said. Farmers have harvested some early planted fields but most still had to wait until they could cut the majority of their crops, an Indiana dealer said.
Corn was still too wet in many areas and some soyabeans had not yet reached maturity, grain dealers said. Farmer selling was expected to be slow on Monday. Most growers still had to deliver grain they agreed to sell months ago before they could book any new sales, an Illinois dealer said. Although the basis was mostly steady, soyabean bids fell by 20 cents per bushel in western Iowa and by 14 cents per bushel in eastern Nebraska.
Cash bids for corn fell by 8 cents per bushel in central Illinois and were 12 cents per bushel lower in eastern Nebraska. Chicago Board of Trade corn futures were down 12-1/2 to 16-3/4 cents per bushel in Asian trading, while soyabeans were down 20-1/2 to 32-1/2 cents per bushel. CBOT wheat futures were down 6-3/4 to 17-1/2 cents per bushel.
CBOT corn futures were called 12 to 15 cents per bushel lower on pressure from declines in crude oil and a stronger dollar. Soyabean futures were seen down 25 to 30 cents per bushel, also due to spillover pressure from outside markets. Wheat futures were expected to open down 15 to 17 cents per bushel.
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