Spot basis bids for corn were steady to weaker around the US Midwest early on Monday after rising cash prices last week spurred some farmer selling, grain dealers said. Bids for soyabeans were mostly steady but fell along Midwest rivers due to rising shipping costs that left dealers with less cash to offer farmers.
Country movement was slow on Monday but some farmers were closely watching the markets to see if corn prices were likely to weaken. "I think they are a little worried about a setback, so we may see something moving," an Illinois dealer said.
Last week's rallies also made some farmers bullish that prices would rise even further in the coming months, causing some to put recently harvested grain in storage bins.
Soyabean sales were unlikely on Monday, dealers said. Despite futures market rallies that pushed up prices sharply last week, cash prices were still below highs hit in recent months. "The market is still sitting in no man's land," an Iowa dealer said.
Most farmers made significant progress in harvesting soyabeans over the weekend due to dry conditions. Rainy weather had pushed back the start of harvest for weeks. More rain was expected to hit the region on Monday. It is easier to harvest corn than soyabeans when conditions are wet, so many farmers held off on cutting corn over the weekend.
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