Spot soyabean basis bids in the US Midwest tumbled Monday as rains across the grain belt improved crop prospects and cut CBOT futures, dealers said. Corn basis bids were steady to lower, with one Ohio dealer saying that farmers in his area were "scared" with the plunge in CBOT futures and sold some corn and soyabeans. Farmer selling elsewhere was mostly slow.
Grain dealers posted 7 cents per bushel protection on corn basis bids and 30 cents on soyabeans. CBOT September soyabeans fell 32-1/2 cents, or 3 percent, to $9.92 per bushel. September corn fell 6-1/4 cents to $3.13. September wheat was down 10-1/4 cents at $4.71-1/2. Much of the Midwest got rains on Sunday or will get them on Monday, which would help bolster the crops. USDA has forecast that farmers will produce the largest soyabean crop on record, and the second-largest corn crop this year.
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