Spot basis bids for corn and soyabean were mostly steady to lower around the US Midwest on Monday amid scattered farmer sales of both crops and the fastest corn harvest in at least 28 years. Farmers continue to sell small portions of both crops as they are harvested.
The growers are taking advantage of corn prices at nearly a two-year high and soyabeans at a one-year high. But other farmers are bullish about further gains in prices and also wary about overextending sales - yields are lower than expected in some areas and farmers do not want to contract to sell crops they do not have. Recent rains left some fields in the northern and western Midwest too wet to work for at least another few days.
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