Corn and soyabean spot basis bids held mostly steady in quiet trade around the US Midwest on Wednesday, dealers said. Farmers were not interested in selling crops but instead focused on planting in areas where weather conditions allowed, dealers said. Scattered rain showers were forecast in portions of the Eastern Corn Belt late on Wednesday and into Thursday. Farmers planted at a brisk pace to stay ahead of the changing weather, dealers said.
The National Weather Service forecast a line of rain showers and thunderstorms from Missouri to the Ohio Valley on Thursday, but it was not expected to be severe. Farmers booked scattered corn sales at the end of last week, but sales slowed this week on soft Chicago Board of Trade corn futures values. CBOT soya futures bounced on Wednesday but not enough to boost cash prices into farmers' target range, dealers said.
Dealers said farmers have small amounts of old-crop soyabeans left in storage bins and were looking for cash prices at or near $16 per bushel before selling more. A corn bid rose by 2 cents per bushel at a Mississippi River terminal. A soya bid fell by 1 cent at the same location. A wheat bid increased by 5 cents to $6.36 per bushel, or 3 cents under the CBOT July contract at a port in Toledo.
