Spot basis bids for soyabeans and corn held steady at interior processors and elevators on Monday, grain dealers said. Cash bids for corn rose at river terminals around the region due to improving CIF values, an Illinois dealer said.
Soyabean bids fell at river terminals due to declining interest from exporters at the US Gulf. Some farmers booked some light sales of old-crop soyabeans early on Monday to guard against declines in the futures market, an eastern Iowa dealer said. But overall country movement was light as most growers still had bullish expectations about the price of both soyabeans and corn, and Illinois dealer said.
Good weather around the region allowed many dealers to harvest their winter wheat crop. Much of the wheat delivered to processors and elevators was in good shape despite excessive moisture during the spring and early summer, an Ohio dealer said.
Although the interior soyabean basis was mostly steady, bids fell by 9 cents per bushel in Des Moines, Iowa. The US Agriculture Department said on Monday that the corn crop was rated 64 percent good to excellent, up from 62 percent last week and in line with analysts' expectations. US soyabeans were rated 59 percent good to excellent, unchanged from a week ago. Traders had been expecting good-to-excellent soyabean ratings to improve by 2 percentage points.