US Midwest interior spot corn and soyabean basis bids were mostly steady to firm early Monday on a lack of farmer grain sales and steady domestic demand, while river bids dropped, dealers said. "Farmers are waiting to sell their grain until CBOT corn prices hit $2.05 to $2.10 and soyabean prices move toward $5.50 per bushel," one Toledo source said. A Cincinnati rail corn bid rose 1 cent while a Cedar Rapids, Iowa, corn processor bid rose 2 cents. A soyabean processor bid rose 2 cents in Des Moines, Iowa.
Meanwhile, bids along the Illinois and Mississippi Rivers fell early Monday on a drop in deferred Gulf CIF soya basis bids and firm freight rates, dealers said.
Spot CIF soyabean basis bids were firm, while CIF corn bids were mostly steady early Monday, export sources said.
A stretch of the Illinois River between mile marker 80 and 138, near the river's junction with the Mississippi, reopened late Friday to barge traffic, the US Coast Guard said. However, a safety zone remained in effect on the Illinois River between mile marker 50 and 181.
Ohio River water levels were also reportedly receding, a Cincinnati source said.
The Illinois and Ohio are key arteries to the Mississippi, the main waterway for grain to flow toward the US Gulf export markets.
Chicago Board of Trade corn futures were called to open up 1 to 2 cents per bushel Monday on bullish weekly US corn export sales data, firm overnight e-cbot corn prices and Friday's bullish US cattle-feeding data, brokers said.
The US Department of Agriculture on Monday reported US export sales of corn for the week ended January 13 totalled 915,000 tonnes, above traders' expectations for 600,000 to 800,000 tonnes. Overnight US corn export business was quiet.
CBOT soyabeans were called 3 cents to 5 cents per bushel higher on bullish weekly export sales and firm e-cbot soya prices, brokers said.
USDA on Monday reported weekly US soyabean export sales totalled 859,800 tonnes, above traders' expectations for 500,000 to 800,000 tonnes.
CBOT wheat futures were called up 1 to 2 cents per bushel on supportive weekly USDA export sales news, brokers said.
USDA reported said weekly US export sales of wheat totalled 476,700 tonnes (old year and new year combined), above traders' expectations for 250,000 to 400,000 tonnes.
US Midwest cash wheat basis bids were mostly steady early Monday, grain dealers said.