US Midwest bids for corn steady, soyabean rise

Spot basis bids for corn were mostly unchanged around the interior US Midwest on Wednesday while soyabean bids rose at some locations in the western part of the region, grain dealers said.
River bids for corn and soyabeans rose slightly on talk that a major US exporter bought 500,000 bushels of soyabeans, adding a spark to an otherwise quiet market.
Farmer selling of corn and soyabeans was expected to be slow on Wednesday unless the futures market rallies and pushes prices sharply higher.
"It's real quiet," an Indiana dealer said.
Many farmers pocketed some cash on corn sales late last week and were focusing on preparing for spring planting, which is expected to start in southern parts of the region in the coming days.
Farmers were heavy sellers of corn late last week after a US Agriculture Department report showed that producers were planning on planting fewer acres than the market was forecasting. The selling continued on Monday but slowed to a trickle by Tuesday, dealers said.
Dealers said prices would have to improve by at least 10 cents per bushel for corn before farmers would start selling again.
While most corn bids were steady because dealers had plenty of supplies on hand after last week's selling, a processor in Iowa raised its bid by 5 cents per bushel.
The processor has been shut down for maintenance this week and missed out on some of the selling sparked by the USDA report. But the processor, which is scheduled to start accepting corn for delivery later this week, still kept its basis bid about 10 cents per bushel lower than it was last week.
Soyabean prices have fallen by about 25 cents per bushel since the USDA report, which chilled the already slow pace of soyabean sales.
At the Chicago Board of Trade, corn futures were called steady to 1/2 cent per bushel lower. Traders said the market was attempting to consolidate after the rally last Friday.
CBOT soyabean futures were called 1 cent to 2 cents per bushel higher on the possibility of short-covering bounces. Traders said the market was technically oversold.
Soft red winter wheat futures were called steady to 1/2 cent per bushel lower.