Spot basis bids for corn and soyabeans were mostly unchanged at processors and elevators around the US Midwest on Monday, but soyabean bids rose at river terminals, grain dealers said. Cash bids for wheat were steady around the region.
Some farmers in Ohio were booking light sales of corn and soyabeans they have been holding in storage since last fall's harvest. But most farmers were holding out to see if the futures market would rally at the open and push cash prices higher. A few farmers called dealers to offer corn and soyabeans for sale if the futures market rises as expected and moves prices to targeted levels.
In overnight electronic trading, the e-cbot trend for corn was up 2-1/4 to 5-1/4 cents per bushel while soyabeans rose 1 to 6-1/2 cents per bushel. Wheat was up 1 to 3 cents per bushel in e-cbot trading.
Farmers east of the Mississippi River were busy with planting tasks. Growers in that area were trying to get as much corn seed in the ground as possible before forecast thunderstorms arrived.
Some farmers in areas in the western part of the region were sidelined by damp conditions that were threatening forecasts for the size of this year's corn crop. Farmers in parts of Iowa were not expected to resume planting tasks until late in the week at the earliest.
Traders were expecting US Agriculture Department figures scheduled to be released late on Monday to show that corn plantings are about 50 percent complete, below the five-year average of 64 percent.
At the Chicago Board of Trade, corn futures were called 3 cents to 5 cents per bushel higher due to wet weather slowing down the pace of planting. Soyabean futures were expected to open 1 cent to 2 cents per bushel higher, following corn higher. Wheat futures were seen 1 cent to 2 cents per bushel higher on fears that storms over the weekend damaged the US hard red winter wheat crop.
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