Spot basis bids for corn were steady to weaker around the US Midwest on Monday after scattered country movement late last week, but interior soyabean bids were mostly flat, dealers said.
Along rivers, cash bids for both corn and soyabeans fell due to weakening export demand and rising shipping costs. The farmer sales late last week left exporters with enough grain to satisfy their immediate needs.
Dealers reported scattered farmer selling of both corn and soyabeans on Monday morning from producers who were looking to clear out storage bins ahead of the upcoming harvest.
"A lot of guys are getting nervous," a dealer in southern Ohio said.
But some farmers were holding out for as long as they can because of low cash prices. Although most producers did not expect prices to reach levels hit earlier in the summer, some were hoping to catch a slight futures market rally before booking new sales, dealers said.
But the futures market was expected to open lower on Monday, limiting sales on the cash market. Weak overnight trading also cooled expectations of heavy country movement.
The overnight e-cbot trend for soyabeans was 1/2 cent to 3-1/4 cents per bushel lower while corn was down 3/4 cent to 2-1/2 cents per bushel in overnight trading.
At the Chicago Board of Trade, corn futures were expected to open 2 cents to 3 cents per bushel lower due to expectations of a big crop this year.
CBOT soyabeans were called 2 cents to 3 cents per bushel lower, also due to outlooks for a large US crop this year. Some crop watchers were forecasting a potential record harvest.
CBOT wheat was called 2 cents to 4 cent per bushel lower on sliding gold markets and Egypt's cancellation of a tender for wheat because of high prices over the weekend.
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