Soyabean spot basis bids held steady at US Midwest on Monday as farmers increased sales of the oilseed with futures hitting a one-month high, and corn bids rose at river terminals as grain marketings stayed slow, dealers said. Farmers sold small portions of their soyabean crop for cash prices ranging from $9.50 to $9.60 per bushel. But some farmers continued to hold out for $9.75 or more, dealers said.
Corn and soft red winter wheat sales remained slack as corn futures drifted lower and SRW futures posted modest gains amid pressure from big global grain stockpiles. Corn bids firmed on the Illinois and Mississippi rivers even as freight costs rose.
Soya bids fell by 5 cents on the Illinois River and 2 cents at an elevator in Council Bluffs, Iowa, but were unchanged elsewhere. Even with the pickup in soyabean sales, action in the cash market was tempered as farmers waited on the sidelines for a big bounce in futures prices before booking sales. Farmers were delivering on existing contracts but not yet rushing to clean out storage bins.
Fields in much of the Midwest still too wet for tillage or fertilisation. Rains possible this week in southern part of region. US Agriculture Department reported export inspections of US soyabeans in the latest week at 32.131 million bushels, above estimates for 27 million to 31 million.
USDA reported export inspections of US corn in the latest week at 41.606 million bushels, above estimates for 35 million to 40 million. USDA reported export inspections of US wheat in the latest week at 18.846 million bushels, above estimates for 11 million to 14 million. Chicago Board of Trade soyabeans and wheat ended on a strong note as the dollar turned weak. Corn prices anchored by plentiful supply.
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