Spot basis bids for corn and soyabeans were steady to firm in the US Midwest on Monday morning and cash grain movement was slow as the trade swung back to business after the US Thanksgiving holiday weekend, merchandisers said. Business ground to a halt last Thursday for the holiday and was slowly gearing up ahead of Monday's futures open.
Some soyabean movement was noted in Iowa, mostly against nearby contracts, dealers said. Both processor and river terminal basis levels were slightly higher in Iowa and Indiana with little new selling by producers, dealers said.
Corn movement was very slow as the onset of wintry weather in the Midwest late last week kept farmers from finishing up any last-minute harvesting that remained. Dealers expected some corn movement this week as producers deliver against December contracts and river terminals try to move grain before river transportation shuts down.
Merchandisers have started rolling corn bids to post against the Chicago Board of Trade March futures contract. First notice day for deliveries against CBOT December is November 30.
At the Chicago Board of Trade, soyabean futures were called to open 3 to 5 cents per bushel lower, following through from Friday's declines amid forecasts for a big South American soya crop next year.