Basis bids for corn shipped by barge to the US Gulf were weak Monday, pressured by good supplies amid an advancing harvest and lackluster demand, while the soyabean basis was mixed, traders said. Wheat basis was steady amid slow demand and slow movement.
Heavy deliveries of newly harvested corn and soyabeans to Midwest elevators reported over the weekend. Most farmers have finished harvesting soyabeans, turning their attention to corn. But rain in parts of the central and southern Corn Belt to stall progress on Monday.
Farmer selling muted early on Monday, but calls for a higher futures market opening could trigger some new corn and soyabean sales, which could weigh on basis, traders said. CBOT corn called to open 5 to 7 cents per bushel higher, soya up 7 to 10 cents, wheat up 6 to 8 cents. Barge loadings of corn in parts of the northern Midwest slowed by limited drying capacity at some elevators. Many farmers harvesting corn at higher than desired moisture to avoid field loss or further crop damaging weather.
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