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Spot corn basis bids firmer, soyabean steady
CHICAGO, US Midwest spot corn and soyabean basis bids were holding firm on Tuesday and country selling was quiet as farmers waited for corn prices to rally and many have moved soyabeans in the past week, dealers said.
Soyabean sales have slowed this week after increasing last week, when many farmers pulled soyabeans out of the government loan programme and sold them on the cash market to take advantage of futures rallies.
But farmers were holding onto remaining soyabean stocks in hopes that dry US weather and unrest in Argentina, including a week-long work stoppage, would push prices even higher.
"Once we got back to $5.80 a lot of guys went ahead and sold, but some of them are still holding on to what they've got and waiting for more," one northern Ohio dealer said.
Corn movement remained very quiet as corn prices were lingering below the $2.50 level hit in early February.
River corn bids were a penny weaker and river soyabeans were unchanged early Tuesday as CIF values at the US Gulf for corn were steady and CIF soyabean values were firm.
CBOT soyabeans were called to open 1 cent to 2 cents higher on continued technical buying and support from the work stoppage in Argentina, traders said.
CBOT corn was expected to open 1/2 cent to 1 cent higher on news Taiwan overnight bought 56,000 tonnes of corn from the United States for April delivery and on a follow-through from Monday's gains, traders said.
Soft red winter wheat basis bids were unchanged on Tuesday and farmer selling was quiet, dealers said.
CBOT wheat was called to open 1 cent to 2 cents higher on technical buying and support from a decline in the condition ratings for the winter wheat crop in Kansas, traders said.
The Kansas State Statistical Reporting Service late Monday pegged the Kansas crop at 29 percent good to excellent, down from 33 percent in late January.
MGR Archive 5.3.2003
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Russia Rapan $ 700
USA Jupiter Rice $630
USA Calrose #1 $830
USA Calrose #1 Paddy $480
EU Prices Baldo €660
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