Soyabean processor bids fell 10 to 12 cents in Nebraska while bids in Decatur, Illinois, dropped 20 cents late Friday following active farmer sales of old-crop soyabeans last week. The basis collapsed in many locations late last week and producer soyabean sales have since subsided, dealers said.
But bids continued to soften in areas like Cincinnati on Monday as the plunge in crusher bids impacted other markets.
"All the processors in the US dropped the bean basis," a southern Ohio dealer said.
Recent arrivals of some new-crop soyabeans shipped north from the Mississippi Delta harvest has also helped cool demand among crushers in the US interior.
Cash corn bids were mostly steady but the basis declined at river locations due to weaker CIF values for corn at the US Gulf late last week, dealers said. CIF values had a firmer tone early on Monday. The corn basis fell 5 cents at Lincoln, Nebraska, as well.
Dealers were expecting a pickup in corn harvesting activity this week in Kentucky and Tennessee, and possibly southern Illinois and Indiana as well.
But corn movement was light overall, and bids firmed in Cedar Rapids, Iowa, as demand outpaced country sales.
At the Chicago Board of Trade, corn futures were called to open 2 to 3 cents higher on some forecasts for an early freeze in mid-September in the northern Midwest, traders said.
CBOT soyabean futures were called to open 5 to 10 cents higher on concerns of harvest delays in the southern United States and fears of an early freeze in the northern Midwest, traders said.
Cash bids for soft red winter wheat held steady and country selling was quiet, dealers said. CBOT wheat futures were called to open 1 to 2 cents higher in sympathy with the firmer opening call for soyabeans and a firmer trend in overnight e-cbot trade, brokers said.