Spot basis bids for soyabeans and corn were steady to firm in the US Midwest early on Wednesday, reflecting a slow pace of country grain sales as farmers continued with planting, merchandisers said. "Movement is quiet. They will be back in the fields today," an Indiana merchandiser said. Soyabean processors in Des Moines and Cedar Rapids, Iowa, raised the basis 8 to 10 cents in an effort to resupply their facilities. Crusher bids were steady to up 3 cents in Indiana and Nebraska.
The corn basis firmed 3 cents late Tuesday at Blair, Nebraska, and 2 cents at the Toledo, Ohio, terminal.
Prices have not been friendly to farmers, with Chicago Board of Trade corn futures dropping to contract lows on Tuesday and CBOT July soyabeans down about 30 cents from last week's high of $6.56-1/2.
"When the market is going down, you hold on to everything and hope for it to go back up," an eastern Iowa merchant said.
River bids were steady for corn and firm for soyabeans.
Warmer weather was moving into the Midwest, and producers were taking advantage. Most were still sowing corn, while soyabean seedings were picking up.
"It looks like our weather window will be clear into next week, so we will probably get a lot of beans planted," a northern Ohio grain dealer said.
A cold snap over the weekend and early this week burned back portions of the US corn crop that had emerged and possibly killed some of the early seeded soya.
Farmers may need to replant some of their crops, but agronomists advised producers on Tuesday to wait 48 hours to determine the extent of damage to their crops.
At the CBOT, corn futures were called to open steady to 1/2 cent per bushel higher on a short-covering bounce after Tuesday's decline to new lows.
CBOT soyabeans were called to open 1/2 to 2 cents higher.
CBOT wheat was called to open steady to 1/2 cent higher on news that Egypt bought US wheat, but reports of big production potential from the annual crop tour of US hard red winter wheat could limit gains, traders said.
Cash bids for soft red winter wheat were steady in the Midwest and sales were quiet.
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