US Midwest spot interior corn and soyabean basis bids were steady to narrowly mixed early Monday amid some farmer soya sales after recent CBOT losses, grain merchandisers said. "Farmers are selling some soyabeans this morning, but nothing like last week," one Illinois grain dealer said. "There seems to be a bit of panic selling of soyabeans after the price break (Friday and overnight)."
An Illinois soyabean processor basis bid firmed 4 cents; a Nebraska soya processor bid firmed 1 cent; and an Indiana soya basis bid fell 2 cents, a source said.
Illinois River soyabean and corn basis bids firmed early Monday, along with Mississippi River soyabean basis bids, but Mississippi River corn basis bids dropped, dealers said.
US Gulf CIF soyabean basis bids were weak, CIF corn basis bids were steady and barge freight rates were steady, export sources said.
CBOT soyabeans were called to open down 2 to 4 cents per bushel on Monday on follow-through sales after Friday's 22-23 cent loss in nearby CBOT futures, brokers said.
Overnight US soyabean export sales were slow, brokers said.
CBOT corn futures were called to open down 1 to 2 cents per bushel on Monday, also on follow-through selling after recent losses, brokers said.
Overnight corn export news offered little support for Monday's CBOT corn futures trade, they added.
South Korea Nonghyup Feed bought 12,500 tonnes of corn from China; South Korean feed makers were seeking 52,500 tonnes of US corn; and Taiwan was tendering for 56,000 tonnes of either US or Argentine corn, Asian traders said.
US Midwest cash wheat basis bids were steady early Monday and sales were slow, merchants said.
CBOT wheat futures were called to open down 1 to 3 cents per bushel on Monday on a setback from recent gains and quiet weekend US wheat export business, traders said.