Spot basis bids for corn and soyabeans strengthened in the US Midwest on Tuesday, and farmers sold some of their crops to take advantage of rising prices, traders said. Farmers were active sellers of old-crop and new-crop soyabeans as futures prices advanced, a dealer at a river terminal in Iowa said.
The most-active soyabean futures contract touched a five-month high at the Chicago Board of Trade, and the new-crop November contract reached its highest level since August. Corn bids gained by a penny per bushel in Decatur, Illinois and Morris.The US Department of Agriculture on Thursday will release its prospective plantings report, in which analysts polled by Reuters forecast corn and soyabean plantings above last year. The government will also release quarterly grain stocks in a release that typically results in increased volatility in futures.
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