Corn and soyabean spot basis bids were mostly steady to firm at US Midwest processors and elevators early on Monday as farmers delayed sales of both commodities and futures drifted lower overnight. Soya bids eased at river terminals following a spike in barge freight last week as a tight supply of empty barges pushed up shipping costs on Mississippi and Illinois rivers.
Farmers likely to stay on sidelines until after the release on Tuesday of USDA's November crop production report, in which the government is widely expected to slash corn production and boost soya production. Grain merchants said few growers calling to inquire about basis levels or cash prices on Monday.
Some farmers were applying fertiliser or tilling fields in preparation for plantings next year. Fields are dry across much of the Midwest and the emerging soft red winter wheat crop is in need of water. Chance for showers in the next six to 10 days, a meteorologist said.
Private exporters reported sale of 300,000 tonnes of US soyabeans to China, USDA said on Monday. CBOT corn, soyabeans and wheat seen opening lower Monday amid firm dollar and position-squaring ahead of Tuesday's USDA report. CBOT soyabeans called to open 2 to 4 cents per bushel lower, corn down 1 to 2 cents and wheat down 2 to 3 cents.
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