Spot corn basis bids were steady to weaker in the interior US Midwest early Tuesday as the harvest brought fresh supplies to elevators, but soyabean bids firmed on a lack of movement, dealers said.
"We're getting hit with lots of corn right now. They're not able to do beans," a northern Ohio dealer said of farmers.
Wet weather was slowing the last of the soya harvest, especially in the southern and eastern Midwest. Showers arriving Tuesday should bring 0.25 to 1 inch of rain to the area, Meteorlogix forecaster Joel Burgio predicted.
The US Department of Agriculture said the soyabean harvest was 80 percent complete as of Sunday, while the corn harvest was 55 percent done.
Producers were able to continue combining corn in many areas, and Monday's rally in Chicago Board of Trade corn futures inspired moderate selling. Also, dwindling grain storage was pushing some grain onto the market.
"Bin space will dictate sales," an Illinois dealer said.
The corn basis fell 2 to 3 cents at Cincinnati, Ohio, and Blair, Nebraska.
River bids for corn and soyabeans were mixed. Barge freight rates shot up on Friday, pressuring river bids. Freight climbed again Monday on the Mississippi River, but barge offers on the Illinois River held steady. As a result, grain bids on the Illinois at Seneca rebounded after crashing late on Friday.
Interior soyabean bids firmed as farmer selling lagged. Processor soya bids climbed in Nebraska and at Morristown, Indiana, and Cedar Rapids, Iowa. The soya basis also firmed 2 cents late Monday at the Toledo, Ohio, terminal.
Loan deficiency payments for soyabeans disappeared in recent days as Chicago Board of Trade soyabean futures rallied, serving as a disincentive for farmers to sell soyabeans. Soy prices were 3 to 6 cents above the loan rate by Tuesday, meaning LDPs were not available.
LDPs for corn were still paying around 30 cents a bushel.
At the Chicago Board of Trade, soyabean futures were called to open 1/2 to 1 cent lower in a setback to Monday's rally. CBOT corn was called to open steady to 1/2 cent lower.
Cash bids for soft red winter wheat were steady to firm and country sales were quiet. CBOT wheat futures were called to open steady to 1/2 cent lower.