US Midwest spot soyabean basis bids were strong on Friday, and corn bids were steady to slightly firmer, with country selling quiet after sharp futures drops on Thursday, dealers said.
Ohio, Indiana and Iowa crushers boosted spot soyabean bids 2 to 12 cents to spur farmer selling. But sales have been very quiet the past two weeks as most producers were focused on spring planting.
Rain slowed planting across the Midwest on Friday, but sales remained very quiet after futures prices dipped on Thursday.
"It's raining, so a lot of guys are out of the fields, but the markets have got people quite subdued," one northern Ohio dealer said.
Nebraska elevators boosted spot corn bids a penny and soyabean bids 2 cents to stimulate movement into their storage facilities. And some Indiana processors firmed corn bids 2 cents to source fresh supplies.
But dealers said farmers were hoping to see prices return to the multiyear highs hit earlier in the year.
"They saw the corn back up above $3 before it fell apart yesterday, so now they're disheartened," one southern Ohio dealer said.
River corn bids were 1 to 2-1/2 cents firmer, and river soyabean bids were up 1-1/2 to 2-1/2 cents. CIF values at the US Gulf for both corn and soyabeans were holding steady early Friday.
CBOT soyabeans were called to open 2 to 4 cents per bushel lower on pressure from beneficial rains in crop growing regions, traders said.
CBOT corn was expected to open 1 to 2 cents lower on pressure from the improved crop weather and forecasts for more rain over the next several days, traders said.
Soft red winter wheat basis bids were steady to firmer on Friday with Indiana processors boosting wheat bids 3 cents to spur selling, dealers said.
CBOT wheat was called to open 1/2 to 1 cent lower on spill-over pressure from the expected losses in corn and soyabeans, traders said.