Spot basis bids for soyabeans fell slightly in Iowa on Friday but held steady around most of the rest of the US Midwest, grain dealers said. But cash bids for soyabeans did rise by 5 cents per bushel at a terminal in northern Indiana.
Dealers there were trying to entice farmers to book some sales before they put the last of their newly harvested crops in storage bins for a few months. Soyabean bids have risen by 15 cents per bushel in northern Indiana this week. Corn bids were steady to firm around the region and wheat bids were unchanged.
Farmer selling was expected to be slow on Friday. Most growers had enough money to take care of their cash flow needs for the rest of the year. Any additional income would have severe tax consequences for many farmers, grain dealers said.
"The average person now says defer my payment until January," a southern Ohio dealer said. "It has been a good run for some of them." Some farmers that had left standing orders with dealers to sell soyabeans if the cash prices hit a certain level saw their offers hit in overnight trading, an Indiana dealer said. But those sales were for grain the farmers will deliver in 2008, the dealer said.
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