Spot basis bids for soyabeans and corn were steady to firm Monday as grain dealers tried to perk up farmers' interest in selling the last of their old-crop supplies. But country movement of both commodities was expected to be slow. Most growers were focused on ensuring that all their machinery was operating properly so they will be ready to start planting as soon as conditions permit, an Indiana dealer said.
Most fields were still too muddy to run tractors through despite some sunny and warm weather around much of the region during the weekend, dealers said. Farmers also were on hold to see if the futures market would maintain the strength it showed last week and push prices higher before they booked any new sales. Growers were hoping that soyabean prices rebound back to record territory, as corn prices have in recent weeks, before they committed to new contracts, dealers said.
Chicago Board of Trade soyabean futures were up 13-3/4 cents to down 12 cents per bushel in Asian trading, with corn futures up 11-1/4 cents to off 1 cent and wheat down 18 cents to up 3/4 cent.
CBOT soyabeans were called to open up 5 to 8 cents due to good exports and gains in the crude oil and gold markets. Corn was called 3 to 5 cents higher due to delays in spring field work. Wheat futures were expected to open 2 to 4 cents lower in a profit-taking setback.