Spot basis bids for corn were steady to firm around the US Midwest early Tuesday after a drop in futures eroded cash prices while soyabean bids were mixed, grain dealers said.
Cash bids for wheat were mostly steady but rose by 10 cents per bushel at a processor in Cincinnati that was trying to match prices at river locations.
Sales were expected to be slow, with most farmers busy planting corn. Rain in some parts of the region delayed some planting, which was behind last year's pace.
Wet weather in Iowa led to some farmer selling Monday, as producers who were unable to get into the fields took advantage of a futures market rally to book some soyabean sales.
Soybean bids in Council Bluffs, Iowa, fell by 4 cents a bushel after the sales.
Cash bids for soyabeans also were lower in Lafayette, Indiana. A dealer that offered a 5-cent premium for soyabeans delivered over the weekend lowered the bid back to 5 cents below the Chicago Board of Trade May contract after its quick ship deadline passed.
But soyabean bids were higher in other parts of Indiana. Bids at a Morristown processor that has been shut down for regular maintenance upped its bid by 6 cents a bushel ahead of its expected reopening, which is scheduled for April 28, dealers said. Soyabean bids in Burns Harbor, Indiana, were 5 cents a bushel higher.
The US Agriculture Department said Monday that 25 percent of corn acreage had been planted as of April 23, up from 9 percent last week but still below last year's figure of 28 percent. USDA said 20 percent of spring wheat acreage had been planted, down from 37 percent at this time last year.
USDA also said that 39 percent of US winter wheat was rated good to excellent, down sharply from 68 percent last year. Dry weather in the US Plains has hurt the winter wheat crop.
CBOT corn futures were called to open 1/2 to 1 cent a bushel lower because USDA's planting estimates were at the high end of expectations. CBOT soyabean futures were called down 1 to 2 cents following a lower overnight trend. CBOT soft red winter wheat futures were called 1 to 3 cents lower on follow-through selling from the weak close of Monday.
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