Corn spot basis bids weakened as harvest of the grain continued around the US Midwest on Monday, while soya bids held steady, grain dealers said. Farmers in Iowa booked sales of soyabeans as futures rallied nearly 2 percent in overnight trade.
Other farmers were waiting to see if futures rose further at the opening of day trading before booking sales, said a dealer in Council Bluffs, Iowa. "With these markets going up, (farmers) are starting to get greedy," said a grain buyer in Cincinnati, Ohio. Few farmers booked corn sales, although farmers continue to deliver large amounts for drying or to meet existing contracts.
Drying capacity on the farm and at the elevator continues to slow the corn harvest, following a wet fall and rains in recent days, with farmers cutting only as much corn as they can dry at a time. Corn bids were mostly steady to lower but rose by 8 cents per bushel in Council Bluffs, Iowa. Soya bids rose 3 cents per bushel in Lincoln, Nebraska, and held steady elsewhere. Rains this week in the Midwest may delay the harvest of both commodities.
Traders expect US Agriculture Department late Monday to show soyabean harvest at 95 percent complete and corn harvest at 65 to 70 percent complete. At the Chicago Board of Trade, strong global soyabean demand, a weak dollar and firm crude oil were seen boosting futures. CBOT soyabeans were called up 15 to 20 cents per bushel, corn up 5 to 7 cents and wheat up 9 to 12 cents.