Soyabean spot basis bids were mostly steady around the US Midwest on Friday as farmer sales tapered off, dealers said. Some farmers sold light amounts of soyabeans on Thursday and early Friday, but lower US soyabean futures dragged cash prices below target prices of $10 per bushel which caused farmers to back off, dealers said.
A soyabean bid at a closely followed processor in Decatur, Illinois fell by 3 cents to 12 cents over the Chicago Board of Trade March contract. Crop deliveries were slow in the eastern Midwest where sub-zero temperatures made moving grain challenging, dealers said. The US Labor secretary headed into a fourth straight day of intensifying talks with shipping executives and union leaders for dock workers on Friday, aiming to settle a contract dispute that has led to months of disruptions at 29 West Coast ports.
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