Corn and soyabean basis bids firmed in the US Midwest on Monday but the improved bids failed to entice farmers to sell, grain dealers said.
Despite the stronger basis levels, most farmers were waiting for higher cash prices. Both corn and soya basis bids have risen steadily since the peak of harvest.
"It's been pretty quiet," one Ohio dealer said. "Farmers are in the post-harvest mood."
Sales were expected to remain slow throughout the week due to the upcoming US Thanksgiving holiday on Thursday. Additionally, a cold front was expected to come through parts of the Midwest on Tuesday, which could slow sales.
Loan deficiency payments (LDPs) for corn dropped slightly to between 34 cents and 39 cents per bushel, down from 35 cents to 40 cents per bushel on Friday.
The US government offers LDPs to compensate for low cash prices. Farmers can claim LDPs without immediately having to sell their grain. Instead, they can store the crop and sell it later when cash prices improve.
Chicago Board of Trade soyabean futures were called to open steady to 1 cent per bushel higher on a technical rebound. Concerns that bird flu may cut global feed consumption could limit gains and good rains in South America were seen as bearish, traders said.
CBOT corn was called to open steady to 1 cent per bushel higher on a rebound from Friday's drop.
CBOT soft red winter wheat also was called to open steady to 1 cent per bushel higher on support from dry crop weather in parts of the US winter wheat belt. But quiet exports of US soft wheat may keep a lid on rallies.
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