US Midwest corn, soya basis bids steady

Corn spot basis bids were steady at elevators and processors in the US Midwest on Monday in quiet trade as farmers waited for drier field conditions, grain merchants said. Wet fields in the Eastern Corn Belt kept most farmers from resuming planting activity over the weekend, farmers said. Some farmers priced new crop corn and booked January 2015 contracts in western Indiana, a grain merchant said.
Corn planting was largely completed in Iowa, and some farmers began to plant Soyabeans, a grain merchant in the western part of the state said. But some corn may need to be replanted due to frost damage, the dealer said. Soyabean bids were steady to slightly higher at processors and elevators around the region, while spot wheat bids held steady, dealers said. Rain and thunderstorms were forecast for portions of the Western Corn Belt and northern US Plains on Monday, according to the National Weather Service. The USDA is scheduled to release its weekly planting progress and conditions on Monday at 3:00 CDT (1800 GMT).