US Midwest soyabean bids steady to lower

Spot soyabean basis bids were steady to lower around the US Midwest on Thursday as a jump in soyabean futures prices triggered moderate farmer selling that replenished supplies at some processing plants, grain merchants said. Spot corn basis bids held mostly steady amid light, scattered farmer sales, while wheat bids were unchanged.
Chicago Board of Trade soyabean futures rebounded from the prior session's drop, triggering spot sales by some farmers eager to take advantage of recent basis gains. Several processors reported a moderate increase in sales before easing bids late in the day. Still, spot supplies of beans and soyameal remained tighter than many had anticipated given the record-large US harvest, dealers said. A large soya processor in Decatur, Illinois, lowered its spot basis bid by 3 cents a bushel on Thursday after easing its bid by 2 cents a day earlier. A Lafayette, Indiana, processor dropped its basis bid by 10 cents and a Sioux City, Iowa, plant eased its bid by 5 cents. CBOT corn futures climbed for a fourth straight session, but farmer sales remained mostly light.