Spot soyabean basis bids around the US Midwest were mixed on Thursday as tight old-crop stocks underpinned values, but a sharp jump in futures prices limited basis gains. Soya corn basis bids were mostly steady to lower, pressured by scattered farmer selling and sufficient near-term supplies.
Soyabean futures on the Chicago Board of Trade surged on Thursday after the US Department of Agriculture reported higher-than-expected old-crop export sales. Firmer futures prices failed to generate much old-crop selling interest by farmers because many were targeting prices well above current levels. A processor in Decatur, Illinois, increased its soyabean basis bid by 10 cents a bushel while a river elevator in Davenport, Iowa, dropped its bid by 2 cents. Spot CBOT corn futures posted their first gains of the week on Thursday, which encouraged some farmers to liquidate some of their old-crop stocks. Largely favorable crop development weather suggested prices could remain under pressure, dealers said.
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