Spot corn basis bids were steady to firm in the US Midwest on Tuesday, reflecting sluggish country movement, while soyabean bids were steady to mixed amid light offerings, merchandisers said. Soya processor bids edged lower in western areas, with the basis down 5 cents at Sioux City, Iowa, and 2 cents at Mankato, Minnesota, signaling scatttered country soyabean sales But values held steady at other crushing sites, and the basis firmed 2 cents at the Toledo, Ohio, terminal as buyers competed with crushers for beans.
For corn, Chicago processors raised the basis by 1-1/2 cents, while rail bids firmed 1 cent at Evansville, Indiana.
Cheaper barge freight costs allowed river elevators to firm their corn bids, but river soyabean bids were mixed. Barges for this week were offered at St. Louis at 220 percent of tariff, down 10 points from Monday.
Farmers were busy in the fields Tuesday, planting soyabeans and the last of their corn under mostly clear skies. Warm temperatures helped reinvigorate the corn crop, which has slow to emerge due to cold temperatures in April.
The US Department of Agriculture said 79 percent of the US corn crop was seeded as of Sunday, ahead of the five-year average of 67 percent. But only 23 percent of the crop had emerged, compared with the five-year average of 26 percent.
The US soyabean crop was 26 percent planted, ahead of the five-year average of 23 percent.
At the Chicago Board of Trade, corn futures closed mostly higher on weather jitters and a rally in wheat, traders said. July corn ended up 1/2 cent at $2.08-1/4 per bushel.
Traders said the corn market found a bit of fundamental footing because of drier-than-desired weather in parts of the eastern US Midwest. But midday forecasts indicated a better chance of rain in the east.
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