US CIF corn barge basis values dipped on Monday due to heavy country movement late last week, while nearby soyabeans firmed due to tight supplies, traders said.
Farmers carted corn to local elevators last week as CBOT December corn climbed as high as $3.17 a bushel. Barge loadings were heavy as elevators made space for the arriving corn. Farmers are storing soyabeans, hoping for a similar rally.
"They're holding more beans than they are corn," said a trader in Indiana. "The beans have not rallied nearly that much." In addition, recent rains across the Midwest are expected to keep combines out of the field until Wednesday or Thursday, further limiting soyabean supplies.
In addition to prospects for a bumper US soyabean crop, Argentina farmers are expected to plant more soybeans this year and seeding is being aided by recent rains.
Soyabean exports were quiet overnight, but USDA said exporters sold Japan more than 100,000 tonnes of US corn. Soft and hard red winter wheat basis values held steady, awaiting the open of the futures markets. Drought continues in Australia, which could tighten global supplies. Rains in the US Plains and Argentina have improved prospects for next season's wheat crop.
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