US Midwest spot interior soyabean basis bids were steady to weaker early Monday, while corn basis bids were steady to firm on very light farmer sales, cash grain merchandisers said. A Toledo, Ohio, soyabean bid fell 8 cents, an Indiana processor bid fell 3 cents, a Nebraska soya processor bid fell 1 cent and US Midwest river bids were mixed, dealers said. "We're getting a lot of inquiries from farmers today, but no movement," one Indiana dealer said.
"They've all raised their soyabean offers by 10 cents to 15 cents, and are waiting to see what happens with the (CBOT) board today."
CBOT soyabeans were called to open on Monday up 2 to 4 cents per bushel on speculative buying and worries about drought-related crop losses in South America, brokers said. Brazil and Argentina are the second- and third-largest global soyabean producers, respectively.
Overnight US soyabean export business was quiet.
CBOT corn futures were called to open on Monday steady to 1/2 cent lower on concerns about record global feed grain supplies and routine US corn export business, they added.
In overnight corn export news, Taiwan set a tender for Tuesday to buy 40,000 to 60,000 tonnes of either US or Argentine corn.
Spot Illinois River soyabean and corn river basis bids firmed early Monday, while Mississippi River soyabean basis bids weakened, dealers said.
Gulf CIF corn basis bids were mostly steady early Monday, while CIF soyabean basis bids were weak, export sources said. Barge freight rates fell slightly last week but were steady early Monday, they added.
Cash US Midwest wheat basis bids were mostly steady early Monday, cash dealers said.
CBOT wheat futures were called to open on Monday steady to 1 cent per bushel lower on bearish export news for US wheat, brokers said.
Egypt on Saturday bought 60,000 tonnes of wheat from France, while China's grain chief on Sunday said that China would import little wheat this year due to good domestic stocks.
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