Spot basis bids for corn and soyabeans were mostly steady at processors and elevators on Tuesday around the US Midwest in quiet trade with few farmers selling grain and soya, dealers said. Soft US corn futures values kept farmers from booking crop sales while the growers began to mull over planting plans, sources said.
US corn futures rose more than 1 percent on Tuesday, supported by bargain buying following a steep decline on Monday as well as a surge in wheat futures, traders said. US soyabean futures were mixed on Tuesday, with nearby contracts easing as export demand shifted to South America, traders said.
Farmer soya sales also remained slow as most producers were comfortable with amounts of crops they have already sold. Farmers were big soya sellers in recent weeks when prices topped $14 bushel. Farmer crop sales have stalled, but deliveries of previously contracted grain began to roll in ahead of another winter storm forecasted for portions of the Midwestern region, dealers said.
A wintry mix of snow and rain were forecast for portions of the Eastern Corn Belt on Wednesday, with snowfall estimates of 4 to 6 inches (10.2 cm to 15.2 cm), according the National Weather Service. At river corn bid firmed by 4 cents per bushel at a terminal on the Illinois River. A corn bid was firmed by 3 cents per bushel at an elevator in northern Indiana.
