US Midwest interior basis bids for soyabean and corn were mostly steady to firm Monday due to only scattered farmer sales, grain dealers said. The consolidating bids, amid recent losses in Chicago Board of Trade futures, also followed losses of up to 50 cents in the soyabean basis bids in the north-western Corn Belt since early February, they noted.
Soyabean basis bids have dropped about 30 cents since February 1 across the western US Midwest and slipped 10 to 20 cents in the eastern Corn Belt, some grain dealers noted.
"There's not a lot of trade this morning," one Iowa broker said. "Some farmers seem to be waiting for Thursday's USDA report.
The US Department of Agriculture will release at 7:30 am CST (1300 GMT) on Thursday its 2005 US planting intentions and quarterly US grain stocks data.
The Chicago Board of Trade was closed on Friday in observance of the Good Friday holiday.
CBOT soyabean futures were called to open Monday mixed, up 2 cents on possible follow-through buying to down 2 cents on dollar strength and quiet US soya export sales, traders said.
CBOT corn futures were called to open on Monday down 1/2 cent to 1 cent per bushel on routine weekend US corn export sales, record global feed grain stocks and expectations for increased US corn plantings this spring, brokers said.
Taiwan bought 60,000 tonnes of optional-origin US or Argentine corn and South Korea's Feed Association bought 52,500 tonnes of optional-origin corn for feed production during the weekend.
CBOT wheat futures were called to open 1 cent to 2 cents per bushel lower on Monday on slow US wheat export sales and a firming dollar, brokers said.
Cash US Midwest basis bids for soft red winter wheat were steady to firm early Monday and sales were very light, dealers said.
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