Spot basis bids for corn in the US Midwest were mostly steady to higher on Monday amid slow farmer selling, while soyabeans held mostly steady, grain dealers said. River basis bids were higher for corn and soyabeans amid exporter demand.
Farmers in parts of the Midwest were in the fields, seeding the corn crop. Dealers continued to roll their soyabean bids to the Chicago Board of Trade July futures contract from the May contract which is set to expire on May 14. CBOT May soyabeans were up 14-3/4 cents at $13.40-1/2 per bushel while July was up 14-3/4 cents at $13.51-3/4. May corn was up 15-1/4 cents at $5.92-1/2 while May wheat was up 11-1/2 cents at $8.12.
Corn futures were supported by cold and wet weather slowing the seeding pace. Traders were expecting the USDA to peg seeding at 17-19 percent complete as of Sunday in its weekly report to be issued later on Monday. That would be well behind the five-year average of 30 percent. CBOT corn and soyabeans were called to open 10 to 15 cents higher; with wheat up 10 to 12 cents.
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