Corn and soyabean spot basis bids rose in Iowa on Wednesday as processors tried to replenish supplies but bids were steady around most of the rest of the Midwest, grain dealers said.
Farmer sales were expected to remain slow on Wednesday with cash prices too low to spur country movement.
"It is very quiet," an Indiana dealer said. "Hedgers and producers both are just kind of at a standstill right now. There is nothing out there to entice them."
Cash offers for corn and soyabeans have been lower in the western part of the Midwest than in the eastern part in recent weeks.
Farmer selling, already slow due to falling cash prices, have been very light west of the Mississippi River, so processors in those areas have been more aggressive with their bids this week to spur sales.
Bids for soyabeans have risen by as much as 7 cents per bushel in Iowa while corn bids have improved by 5 cents per bushel in Nebraska.
Soybean processors and elevators expected a little boost to supplies this week as farmers start to bring in previously contracted deliveries for the month of March.
Dealers continued rolling their spot basis bids to the CBOT May contracts. The Chicago Board of Trade futures deliveries of the March contract began on Tuesday,
Because dealers rolled to the new contracts, cash prices for soyabeans were as much as 5 cents per bushel higher than they were earlier in the week. Corn prices were mostly in line with levels from earlier in the week.
At the Chicago Board of Trade, soyabean futures were called to open 2 to 3 cents per bushel lower due to good crop weather in South America, which is at the start of its soyabean harvesting season.
Corn futures were expected to open 1 to 2 cents per bushel lower on worries about the global spread of bird flu, which could cut into feed demand.
Soft red winter wheat futures were called 2 to 3 cents per bushel lower. Traders said expectations of wetter weather in wheat-growing areas of the United States was weighing on the market.
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