Spot soyabean bids were steady to weak in the interior US Midwest early on Thursday, with light movement noted in the west, while corn bids were mixed and sales were scattered, merchandisers said. Nebraska processors trimmed the soyabean basis by 2 cents and Iowa crusher bids were steady as producer offerings continued to trickle in. "There is a little movement. They've seen this spike in the market, and they are trying to take advantage of it," an Iowa soyabean buyer said.

Chicago Board of Trade soyabean futures were up 3-3/4 to 5 cents per bushel overnight, and the market was called to open 3 to 5 cents higher on Thursday on concerns about dry weather in South America.

The soya basis held steady at Illinois and Indiana crushing locations. Soy movement was quiet in the eastern Midwest, and weight restrictions or muddy conditions on rural roads slowed the physical movement of grain in some areas.

River bids for corn and soya were mixed. Barge freight costs have risen since last week, pressuring river bids. But CIF values for grain at the US Gulf firmed earlier this week, reflecting exporter demand. CIF corn and soya values were unchanged early on Thursday.

Copyright Reuters, 2005