CHICAGO: Soybean spot basis bids were steady to lower at processors, elevators and river terminals in the western US Midwest on Monday as the highest futures levels in two months sparked light farmer sales, dealers said.
Farmers sold small portions of their freshly harvested soybeans for the second straight session as cash prices stayed above the psychological threshold of $13 per bushel. Bids fell 2 cents at a processor in Sioux City, Iowa, and at a terminal along the Mississippi River in Davenport, Iowa.
Corn cash bids firmed at an elevator in Toledo, Ohio, and held steady elsewhere in the region, supported by a slower pace of farmer sales.
Dealers noted a spike in phone traffic with growers inquiring about basis bids and delivery hours at processors and elevators in the days ahead of Thursday's US Thanksgiving Day holiday.
But selling interest remained relatively muted as many growers stowed away a majority of their harvest in on-farm grain bins or at commercial elevators in the hopes of selling later at higher prices.
Barge freight costs were steady to firm on Midwest rivers. This week was the last for shipping on some points of the mid- and upper-Mississippi River as waters typically freeze over, bringing vessel traffic to a halt.
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