US Midwest corn, soya bids steady

Spot basis bids for corn and soyabeans held mostly steady around the US Midwest on Monday, supported by a slow pace of sales as many farmers were busy with spring plantings, dealers said. Cash prices for soyabeans were approaching the target of $10 per bushel amid a rally in futures, and some growers were likely to sell small portions of their existing supplies if prices reached that price, the dealers said.
Rains moving into the north eastern portion of the region were expected to push farmers out of the fields after largely dry conditions in recent days allowed for a rapid planting pace. Analysts on average expected the US Department of Agriculture later on Monday to show corn plantings about halfway complete.