Soyabean spot basis bids were steady to mixed in the US Midwest on Friday as a slow pace of farmer sales and bear-spreading in futures supported bids at some locations, dealers said. Many processors and river terminals have long since rolled their bids to Chicago Board of Trade November soyabean futures, the contract that reflects the US harvest.
November soyabean futures saw bigger gains than front-month August futures, and elevators still posting against August futures boosted bids to reflect losses in the spread. An Indiana elevator bidding against August futures raised its bid by 10 cents per bushel and an Illinois River terminal posting against November slashed its bid by 4 cents. Both soyabean and corn futures gained to finish the week's trading, but farmers continued to delay sales in the hopes of further gains. Corn spot basis bids were firm along Midwest rivers and mostly unchanged at processors and elevators.
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