Spot basis bids for soyabeans rose at processors around the US Midwest on Monday after weeks of slow country movement left some of those locations short of crushing supplies. Cash bids for soyabeans held steady at elevators around the region, grain dealers said. Corn bids were mostly unchanged at both processors and elevators.
Farmer selling of soyabeans and corn was expected to be slow on Monday, a southern Ohio dealer said. Most growers had enough cash on hand to last them for the rest of the year. Recent weakness in the futures market has left cash prices for both commodities well below farmers' targets, grain dealers said.
Some wet weather around the region was expected to slow delivery of grain that farmers had previously agreed to sell to elevators and processors. Many plants and elevators will be closed Thursday for the US Thanksgiving holiday. Chicago Board of Trade soyabean futures were up 19 to 21-3/4 cents per bushel during Asian trading hours. Corn futures were up 6-1/4 to 10 cents a bushel during Asian trading hours while CBOT SRW wheat was up 3-1/4 to 10-3/4 cents per bushel.
At the Chicago Board of Trade, soyabean futures were called to open 18 to 20 cents per bushel higher due to rallying stock markets and strength in crude oil futures. Corn futures were seen up 8 to 10 cents a bushel, also due to strength in outside markets. Wheat futures also were expected to open 8 to 10 cents higher.
Comments
Comments are closed.