US Midwest spot interior soyabean and corn basis bids were mostly steady to firm early Tuesday on light farmer sales due to recent declines in Chicago Board of Trade futures, cash grain merchandisers said. Two Iowa soyabean processor basis bids rose 6 cents, while an Omaha, Nebraska, each rose 1 cent, dealers noted. A Toledo, Ohio, basis bid fell 4 cents. An Omaha, Nebraska, corn processor basis bid firmed 4 cents while interior bids elsewhere were mostly steady, dealers said.
"The break in (CBOT) prices has put farmers on the sidelines, waiting for prices to go back to their recent highs," one Ohio dealer said.
CBOT soyabean futures set a six-month high last week and corn futures made a 5-1/2-month top. Both markets have since slipped, due mostly to technical speculative selling, floor brokers say.
CBOT soyabeans were called to open down 2 to 3 cents per bushel on forecasts for rain in soyabean growing regions of Brazil and Argentina, the second and third largest global soya producers, brokers said.