US Midwest crushers boost soyabean bids

Strong demand from soya processors lifted cash soyabean basis bids in the US Midwest on Wednesday while corn bids were mostly steady to firm amid quiet farmer selling, dealers said.
Crusher bids for soyabeans rose 20 to 23 cents in Des Moines and Cedar Rapids, Iowa, while bids in Decatur, Indiana, firmed by 15 cents. Processor bids were up 3 cents in Nebraska.
Processors have been aggressive all week in drawing out the last of the old-crop soyabeans from the country, driven by strong crush margins and concerns about when the Midwest harvest will reach the market.
"They're trying to judge what it's going to take to get to new-crop," an Indiana grain merchant said.
Unseasonably cool weather has threatened to slow crop development in the Midwest. The National Weather Service said overnight low temperatures broke records in several locations, including Peoria, Illinois, at 49 degrees Fahrenheit, and Cedar Rapids, which tied a record low at 47 F.
River soya bids declined in some locations late on Tuesday due to weaker CIF soya values at the US Gulf and rising costs for barge freight, dealers said. River corn bids were steady to a bit weaker although CIF values for corn early Wednesday were steady to firm.
Demand from corn processors lifted cash corn bids in a few areas, notably Cincinnati, where bids were up 3 cents.
"We're keeping in line with the corn processing plant in Dayton (Ohio)," a dealer said.
Corn bids firmed 1 cent in Omaha, Nebraska, as well.
CBOT soyabean futures were called to open mixed, 2 cents lower to 2 cents higher, with choppy trade expected before Thursday's USDA supply/demand reports.
CBOT corn futures were called to open steady to 1 cent per bushel higher on firm cash markets and a mild bounce expected after Tuesday's declines, traders said.
Cash basis bids for soft red winter wheat were steady and country selling was slow.
CBOT wheat futures were called to open 1 to 2 cents higher on a mild recovery expected from Tuesday's 4- to 5-cent declines and news from USDA that exporters reported the sales of 150,000 tonnes of optional-origin white wheat to Pakistan.