US Midwest soyabean bids plunge

Soyabean spot basis bids plunged at US Midwest processors and river terminals on Monday as futures jumped the most in nearly two months, spurring increased sales from farmers and commercial elevators, dealers said. The soya basis declined as much as 53 cents per bushel at a terminal along the Illinois River while bids shed 10 cents at a closely-watched processor in Decatur, Illinois.
Chicago Board of Trade soyabean futures rallied on tight US stockpiles, pushing cash prices to $16 to $16.50 per bushel in much of the region and sparking sales at those levels, the dealers said. Very light export demand for pricy old-crop soyabean supplies also weighed on bids at river terminals and in the CIF barge market.