Spot corn and soyabean basis bids were mostly steady in the US Midwest on Monday, while farmers sold crops early in the session, grain merchants said. Farmers sold light amounts of soyabeans early on Monday as cash prices hovered above $10 per bushel, but sales dried up as US soyabean futures values fell, dealers said.
Chicago Board of Trade soyabean futures touched a six-week high before closing lower on the day on technical selling and softening US cash values for soyameal, traders said. Corn sales in the cash market pressured US corn futures . US corn export sales in the week ended December 18 hit a 10-week high of 1.7 million tonnes, above trade forecasts for 500,000 to 800,000 tonnes.