The basis for corn and soybeans in the Midwest of the United States was stable, and futures prices rose due to the weather

foreign exchange documentary platformNewsletter - U.S. corn and soybean futures prices rose on crop weather concerns in Brazil and the impact of U.S. seeding rains, but cash markets had limited sales as prices fell below their highs. The USDA reported corn and soybean planting progress ahead of expectations, despite rainfall disrupting field work in the Midwest. Gulf of Mexico barge offers are solid, affected by flooding in Brazil and farmers waiting for prices to rise in Argentina. Frost in Ukraine could affect grain and oilseed production, while barge bids and export premiums are closely tied to futures prices.

U.S. spot corn and soybean futures prices rose, with the basis remaining basically stable

A spot check of processing sites and grain elevators showed benchmark quotes for corn and soybeans across the U.S. Midwest remained largely unchanged on Monday as futures markets rose but farmer sales remained thin.

CBOT corn and soybean prices rose on Monday on concerns that Brazilian crops were affected by weather and U.S. planting was affected by rain.

Despite the rise in futures prices, farmers' sales have been limited as spot corn and soybean prices remain below recent highs.

On Monday, sporadic rains disrupted field work in parts of the Midwest, with forecasts suggesting that the rains could leave farmers unable to farm by midweek or later.

The US Department of Agriculture said 70 per cent of corn and 52 per cent of soyabeans were planted as of Sunday, both figures above industry average expectations.

Gulf of Mexico corn and soybean barges offer solid prices

Benchmark bids for soyabeans and corn shipped by barge to the US Gulf Coast for export on Monday were steady to strong as fears of flooding in Brazil persisted, traders said.

Brokers say barges heading north from the Gulf Coast have slowed as rising water levels in the lower Mississippi River make unloading difficult in some areas.

Concerns about crop losses caused by flooding in the Brazilian state of Rio Grande do Sul have led to higher daily soybean futures prices, as excessive rainfall and severe flooding continue to constrain cargo transportation at ports in the state of Rio Grande.

Argentine soybean farmers are waiting for prices to rise in order to sell their rain-soaked crops, thus slowing sales.

In Ukraine, a major wheat and maize exporter, severe frosts in the north and east could lead to lower cereal and oilseed production this year, according to analyst APK-Inform.

June-loaded CIF Gulf of Mexico soybean barges traded 50 cents higher than Chicago Board of Trade (CBOT) July futures SN24.

The bid for the May-loaded CIF Gulf of Mexico soybean barge was 1 cent higher than the July futures price at 48 cents, while the bid for the June-loaded soybean barge remained stable at 48 cents higher than the July futures price.

The June FOB premium for Gulf of Mexico soybean exports remained stable at about 56 cents compared to the July futures SN24 on the Chicago Board of Trade (CBOT), compared with a premium of 59 cents loaded in July.

May corn barge bids held steady at 39 cents above CBOT July futures CN24. June barge bids rose 1 cent to 42 cents.

The May corn export premium was stable at around 48 cents a bushel from the CBOT July futures price, while the June corn export premium fell 1 cent from the July futures price to around 47 cents a bushel.