Spot basis bids for corn and soyabeans held mostly steady around the US Midwest Monday but rose at some processors that were trying to drum up crushing supplies, grain dealers said. "We are just trying to get bushels," said a dealer at a processor in southern Ohio.
Cash bids for both corn and soyabeans rose by 10 cents per bushel at the processor in southern Ohio. Farmer selling was expected to be slow on Monday. "They are just happy prices are good," an Indiana dealer said. "They are just content to ... watch it (the market) a while."
Few growers were willing to sell newly harvested crops despite the strong cash prices, an Illinois dealer said. Most farmers wanted to store as much grain as they could before committing to any new sales. Many farmers were not even telling dealers what kind of prices they were looking for on corn or soyabeans. Farmers will begin to book sales on the spot market once they run out of storage space, the Illinois dealer said. Some rainstorms around the region Sunday night would slow down harvesting on Monday, but most farmers would be able to run their combines through corn fields by the afternoon, dealers said.
In overnight electronic trading, the e-cbot trend for corn was up 2-3/4 cents to down 1-1/4 cents, while soyabeans were unchanged to up 6 cents and wheat was up 12-1/4 cents to down 2 cents. At the Chicago Board of Trade, corn futures were called to open up 1 to 2 cents, following calls for a rally in wheat. Soyabean futures were called 3 to 5 cents higher, garnering strength from the wheat market and calls for dry weather in Brazil's northern Mato Grosso soya region.
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