US CIF soyabean and corn basis values held mostly steady on Monday morning, supported by little grain moving in the barge market as farmers focus on spring planting, traders said. Warm weather and light winds in the eastern Midwest were helping to dry out soils from recent rains and allow farmers to plant the majority of their corn crop this week.
"We're going to be well over 50 percent planted here and probably 80 percent later this week," said a trader in southern Indiana. "It's drying out fairly quickly." Farmers in the western Midwest were still seeing fields too wet for planting.
Traders were expecting a government report on Monday afternoon to show nation-wide US corn seedings at 30-35 percent, up sharply from 11 percent a week ago. CIF soyabeans for nearby shipment were bid 9 cents a bushel premium to CBOT May. Processing plants were willing to pay more for supplies than exporters, who are seeing little demand at the Gulf.
USDA said that Mexico bought 210,000 tonnes of US soyabeans with most of the sale for shipment in the marketing year that begins September 1. CIF corn for nearby shipment was bid 34 cents a bushel premium to CBOT May, unchanged from last week. Hard and soft red winter wheat basis values held steady amid sluggish export demand.
Traders shrugged off news that India will import 1 million tonnes of wheat between May and July due to the fact that it did not accept US wheat in past tenders. India has said that US wheat fails to meet its standards on weed seeds and other issues.
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