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Spot soyabean basis bids dropped in parts of the western US Midwest on Monday where harvest was under way, while bids firmed in eastern areas where supplies were scarce and weekend rain stalled any early progress, dealers said. Corn basis was mostly steady amid light country selling and scattered early harvest, they said.
The soyabean harvest was picking up speed in western Iowa; crusher basis bids in Council Bluffs fell by 69 cents since Friday morning in response to stepped-up farmer offerings. Soya bids held firm in Indiana, where harvest was barely under way and rains and high winds in the past day halted field work. The basis in Morristown, Indiana, rose 30 cents.
Some risk of frost overnight Monday and early Tuesday in northern US Midwest crop region but no significant harm to crops expected and no concerns for frost or freeze over the next 10 days. CBOT soyabeans were called 8 to 12 cents per bushel lower and corn was called 1-2 cents lower on anticipated harvest progress. CBOT wheat was called 2 to 3 cents higher on a short-covering bounce after Friday's steep declines.

Copyright Reuters, 2009

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