US Midwest soya weaker, corn mixed

Spot basis bids for soyabean were mostly weaker early Monday across the US Midwest, while corn basis bids were steady to mixed, dealers said.
Farmer sales of both crops were extremely light, they added.
Soybean processor bids fell sharply on Monday across Iowa, Illinois and Ohio, dealers said. Bids were steady in Nebraska.
Corn processor bids firmed 3 cents in Decatur, fell 1 cent in Cincinnati and Blair, Nebraska, and were mostly steady elsewhere, they noted.
CIF Gulf soyabean basis bids were steady to weaker and corn basis bids were firm on Monday, dealers said.
At the Chicago Board of trade, e-cbot September corn settled up 1/4 cent and August soyabeans ended unchanged. New-crop CBOT November soyabeans ended overnight down 4 cents per bushel.
CBOT soyabean futures were called to open down 3 to 5 cents per bushel on Monday as nearly ideal US Midwest crop growing weather pointed to continued good soyabean development, traders said.
They expected the US Department of Agriculture on Monday to report that 70 percent of the US soya crop was in good to excellent condition, up from last week's 69 percent in that shape.
CBOT corn futures were called to open steady to 1/2 cent higher on Monday on a technical bounce as the market remains oversold, brokers said. Gains could be limited by nearly perfect US crop weather and projections for a record harvest this fall, they added.
CBOT traders expected the USDA on Monday to report 78 percent of the crop was in good to excellent condition, up from 77 percent in that shape last week.
In US corn export news, South Korea on Sunday bought 52,500 tonnes of optional-origin corn,
Cash basis bids for soft red winter wheat were steady on Monday, dealers said.
CBOT wheat futures were called to open 1/2 to 1 cent per bushel higher on Monday on a technical bounce, traders said. In US wheat export news, South Korea will tender Tuesday to buy 38,600 tonnes of US wheat, traders said.
Jordan will tender August 11 to buy 50,000 tonnes of optional hard wheat, but will probably buy 130,000 tonnes of US hard wheat in August using US credits, European traders said.