CHICAGO: Cash basis bids for soybeans were steady to narrowly mixed around the US Midwest on Wednesday as extremely cold temperatures gripped much of region slowing deliveries and keeping farmer sales light, dealers said.
Some farmers rescheduled soybean deliveries due to hazardous road conditions. Many processors have their short-term needs covered, and crushing pace should not be immediately impacted by weather-induced delays, dealers said.
Storms are forecast to bring 1 to 6 inches (2.5 to 15.2 cm) of snow to the US Midwest late this week while temperatures moderate slightly after a bitter cold spell, an agricultural meteorologist said Wednesday.
A closely followed processor in Decatur, Illinois, lowered its soybean bid by 5 cents per bushel to 15 cents over the CBOT March contract. A soybean bid at a Davenport, Iowa, terminal on the Mississippi River was lowered by 2 cents per bushel.
Soybean bids rose by 3 cents per bushel at an Illinois River terminal and by 2 cents per bushel at an Iowa processor.
Soy bids had declined following a spike in farmer sales earlier this month, but some processors lifted the basis, seeking to entice selling in the wake of a downturn in futures.
US soybean futures tumbled on Wednesday under pressure from expectations that a bumper South American crop will raise global inventories, while large supplies pushed wheat futures to a 3-1/2 year low. Corn futures also declined.
Cash basis bids for corn were mostly steady. A corn bid was higher by 1 cent per bushel at an Iowa processor where steady deliveries built up available supply.
A corn bid fell by 2 cents per bushel at a large processor in Blair, Nebraska.
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