Spot basis bids for corn were mostly steady to firm around the US Midwest Monday, while the soyabean basis was mostly unchanged, grain dealers said. Farmer selling was expected to be slow today. Most farmers were not even calling in to processors and elevators, a western Iowa dealer said. Light country movement during the past few weeks has left some grain dealers short of supplies.
Rain around the US Midwest during the weekend threatened to further delay a harvest that was already a few weeks behind the typical schedule. Although the soyabean basis was mostly steady, cash bids fell by 39 cents per bushel in northern Ohio. Some farmers in that area have begun harvest and were delivering supplies to elevators and processors. Soya bids rose by 10 cents per bushel in western Iowa.
A soyabean processor in Cedar Rapids, Iowa, was posting bids for supplies for the first time since flooding damaged the plant in June. Chicago Board of Trade corn futures were down 12-1/2 to 14 cents per bushel in Asian trade, with soyabeans down 27 to 34-3/4 cents and wheat down 13-1/4 cents to up 4-1/4 cents. At the Chicago Board of Trade, grain futures were called to open lower due to plunging crude oil and turmoil in the financial markets. Corn futures were called down 10 to 15 cents. Soyabean futures were called down 30 to 35 cents. Wheat futures were called down 5 to 15 cents.
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