Spot basis bids for soyabean were mostly weak in the US Midwest on Thursday, especially at interior soya processing locations, while corn bids were mostly steady to firm, grain merchandisers said. An Iowa merchant reported increased soyabean movement from country elevators, while farmer sales were scattered. Soy processors have been less aggressive in seeking soyabeans this week as the export market for soyabeans at the US Gulf has slowed, making river grain bids less competitive.

"CIF premiums (at the Gulf) have been lower for a week, it seems like," one Illinois river dealer said. CIF values were mostly steady, however, early on Thursday.

Soy processor bids fell 10 cents late Wednesday at Decatur, Illinois, and crusher bids fell 5 cents Thursday at Lincoln, Nebraska, and 1 to 3 cents in Indiana.

Illinois River bids at Seneca, Illinois, firmed for both soyabeans and corn, reflecting cheaper barge freight, a river merchant said.

Farmer sales of corn were light due to recent declines in Chicago Board of Trade futures, including contract lows set in March corn overnight. Some dealers said farmers were hoping for corn futures to move back to the $2 per bushel mark, or for flat prices to reach about $1.95.

LDPs for soyabeans on Thursday ranged from zero to 6 cents a bushel in the Midwest. LDPS for corn ranged from 22 to 24 cents. LDPs can be checked at URL: http://cardsrv7.card.iastate.edu/LDPAllCounties.aspx.

CBOT soyabean futures were called to open 1 to 2 cents per bushel higher on a short-covering bounce expected after recent contract lows.

CBOT corn futures were called to open steady to 1/2 cent per bushel lower due to a bearish weekly USDA export sales figure for corn.

Copyright Reuters, 2005