Spot basis bids for soyabeans rose at locations around the US Midwest on Wednesday as dealers tried to entice farmers to bring newly harvested crops to processors and elevators. Cash bids for corn strengthened at interior locations, particularly at processors hoping to boost their crushing supplies.
Bids for corn were weaker along Midwest rivers due to falling CIF values. Exporters have little appetite to buy corn for delivery this month, traders said. Farmer selling was expected to be light on Wednesday as most growers were focused on harvest tasks.
"It is more about how do I get it out of the field and then worry about selling it later," an Indiana dealer said. Although the soyabean basis was firmer at most locations, bids fell by 5 cents per bushel in Toledo, Ohio. Farmers in that area were finishing up soyabean harvest.
In Iowa, farmers were returning to the fields after being sideline by wet conditions for nearly a week. Growers in some areas of the state were able to deliver soyabeans they had previously contracted to sell. But soyabean bids still rose throughout Iowa as processors looked to boost their crushing pace to improve profit margins. The slow harvest has pressured crushing margins.
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