Soyabean spot basis bids were mixed at US Midwest processors and elevators on Monday, while corn bids eased in the western part of the region and firmed at river terminals, grain merchants said. Farmer sales of both crops were light early. Some existing offers executed as futures rose in overnight trade, but many farmers started week on sidelines amid ideas that prices will continue rising.
Spot basis bids for soft red winter wheat were steady to weak. New-crop wheat bids for delivery in 2011 and beyond also had weak tone following increase in sales. One elevator in central Indiana dropped its bid by 35 cents in recent days, after spike in sales followed wheat futures' largest monthly gain since at least 1959.
Soya bids rose 10 cents at large crushing plant in Decatur, Illinois, and fell by 5 cents in Toledo, Ohio. Mix of warm temperatures and rains in the past week should help keep condition ratings for the US corn and soyabean crops unchanged from a week earlier, analysts said Monday. Drought conditions in Russia expected to boost CBOT wheat futures, with corn and soyabeans following higher. Fund buying also noted. CBOT wheat called to open 25 to 30 cents per bushel higher, soyabeans up 15 to 20 cents and corn up 7 to 10 cents.
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