Soyabean spot basis bids eased by 5 cents per bushel at a processing plant in Lafayette, Indiana, on Friday after a 2 percent jump in futures sparked light selling of the beans by farmers, grain merchants said. Bids in Lafayette declined to 95 cents per bushel above futures even as other processors continued to bid premiums of a $1 or more amid strong crush margins tied to good demand for the animal feed soyameal.
A processor in Sioux City, Iowa, boosted its bid by 5 cents as dealers there sought to entice farmer sales for when the plant resumes processing later this month after being shut down for seasonal maintenance.
Overall farmer sales of both soyabeans and corn were minimal. Many farmers delayed sales in the hopes of a bullish reaction in futures after a US Department of Agriculture report due on Wednesday, in which the government was expected to slash production estimates for each US crop.
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