Spot basis bids for corn and soya were mostly steady to weak in the US Midwest early on Monday, with light, scattered grain sales pressuring bids in a few locations, merchandisers said. Iowa soyabean processors trimmed the basis by 2 cents at Des Moines and Cedar Rapids, citing increased country offerings after Chicago Board of Trade soyabean futures rallied late on Friday.
CBOT soyabeans were called to open 5 to 10 cents per bushel higher on talk of demand from top buyer China. CBOT corn futures were called to open 1 to 2 cents higher in sympathy with the higher calls in soyabeans.
Cold weather in the Midwest limited grain movement, but a few dealers reported light sales into river markets as sellers scrambled to get grain loaded ahead of another cold snap forecast for later this week that could stall barge traffic.
River bids were mixed early on Monday.
In southern Ohio, one grain buyer said the frozen soil will help producers to complete the harvest and bring in the last of their crops.
"They'll be able to get out and go over the soft spots," the dealer said.
Corn processor bids eased 3 cents at Blair, Nebraska.
Cash basis bids for wheat were steady and country selling remained at a near standstill. CBOT wheat futures were called to open 2 to 3 cents higher on word of a tender from Pakistan and concerns about potential winterkill in the Midwest this week.
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