CIF Gulf nearby soya basis value falls

Nearby basis values for soyabeans shipped by barge to the US Gulf fell early on Monday amid easing fears of overly tight supplies ahead of the new-crop harvest, while deferred soya basis was about steady, traders said. Corn and wheat basis bids were mostly steady amid slow country movement following recent steep drop in prices, traders said.
Weaker demand from domestic soya processors weighing on nearby basis values, traders said. Demand for new-crop soyabeans to be harvested in the coming weeks and months remains solid. But supplies should be sufficient as record-large crop expected. Lull in farmer selling of new-crop soya following recent steep decline in futures prices.