Corn spot basis bids were firm at elevators in the eastern US Midwest on Monday while soyabean bids held steady across the region as farmers eyed further gains in prices and delayed sales of each crop, grain merchants said. Growers are bullish following sharp rise in corn and soyabean futures last week and were waiting to see if old-crop cash prices climb to targets of $8 per bushel corn and $14 per bushel soyabeans. Each target was 5 to 25 cents below current cash prices in much of the region.
The farmers also focused on spring plantings even as scattered showers over the weekend kept farmers out of the fields. Corn bids gained at elevators in Indiana and Ohio but were still below bids at ethanol plants in the region. Farmers in top wheat state of North Dakota will not get all their intended wheat, corn and canola acres seeded this spring due to heavy rains and flooding, an executive of a US wheat group said in a Reuters interview.