Spot basis bids for soyabeans were steady to higher in the US Midwest early on Tuesday, supported by scarce country offerings, while corn bids were steady to mixed, dealers said.
The spot soyabean basis jumped 15 cents in Decatur, Indiana, while crusher bids at Lafayette, Indiana, were up 5 cents due to tight supplies of old-crop soyabeans and continued processor demand.
Illinois River soya bids climbed 2 cents while bids in Cincinnati were up 5 cents as river merchants tried to compete with crushers for supplies.
Corn bids were mostly steady, while the basis softened 3 cents in Cedar Rapids, Iowa, and 1 cent in Cincinnati. River corn bids firmed by 1 cent at Dubuque, Iowa. Dealers reported light, scattered movement.
"We're seeing some corn sell. Some guys are throwing in the towel," an Illinois dealer said, noting the steady decline in Chicago Board of Trade corn futures during the past month.
CBOT September corn closed at $2.59-1/4 per bushel on Friday, down from $3.19-1/2 on June 1. Given favourable weather outlooks for the corn crop, some producers were turning bearish. But others were still hoping for higher prices.
"They want something around the $3 level, and we're 40 to 50 cents under that," an Ohio dealer said.
CBOT corn futures were called to open 3 to 4 cents per bushel lower on nearly ideal crop weather in the Midwest as the US crop enters its critical pollination stage.
CBOT soyabean futures were called to open mixed, with nearby July up 8 cents on tight stocks and new-crop November down 8 cents on good crop weather in the Midwest.
Cash bids for soft red winter wheat were mostly steady as the Midwest wheat harvest progressed. Scattered rains over the weekend slowed combines in parts of Indiana and Ohio, dealers said.