Spot corn and soyabean basis bids in the US Midwest were mostly steady to firm early on Thursday, reflecting a lack of grain offerings from the country, dealers said.
Corn bids showed the stronger tone, with the basis firming 7 cents in Toledo, Ohio. A vessel and a train were expected to load corn at the terminal next week, a dealer said.
Corn processors in Blair, Nebraska, raised bids 2 cents on Wednesday afternoon.
River corn bids were mixed. CIF values for both corn and soyabeans at the US Gulf were firm early on Thursday.
Soybean bids firmed in Nebraska as processors sought to draw fresh supplies to their facilities. But producers were reluctant to sell the last of their old crop.
"Most of them don't need the money, and they will wait and see what this weather does during the summer," an Indiana dealer said.
River levels on the Illinois River were high but barges were still being loaded in the Seneca, Illinois, area. The Mississippi River was above flood stage at Dubuque, Iowa, but some local elevators continued to load barges.
More rain was in the forecast. Private forecaster Meteorlogix called for light scattered showers in the western and eastern Corn Belt on Thursday with accumulations of 0.25 to 1.5 inches.
Chicago Board of Trade corn futures were called to open 1 to 2 cents per bushel higher on excessive rain in the Midwest and oversold technical signals, traders said.
CBOT soyabean futures were called to open 5 to 10 cents higher on tight soya stocks, weather worries and support from USDA's export sales report, traders said.
USDA said US export sales of soya last week totalled 103,700 tonnes (old-crop and new-crop combined), versus estimates for zero to 50,000 tonnes.
Wheat basis bids were unchanged and movement was slow. CBOT wheat was called to open 1 to 2 cents higher on supportive export data and rain delays in the US winter wheat harvest, traders said.
USDA said 590,500 tonnes of US wheat were sold for export in the week ended last Thursday, above estimates for 450,000 to 550,000 tonnes.
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