US Midwest soyabeans bids weaker

Spot basis bids for soyabeans were steady to weaker at processors and elevators around the US Midwest on Thursday, grain dealers said. Strength in the futures market sparked a light round of soyabean sales from farmers looking to lock in prices for the crop they will harvest in the coming weeks, an Iowa dealer said. But most growers remained reluctant to book new deals at current price levels, a northern Ohio dealer said.
Soyabean bids fell by 10 cents per bushel in Decatur, Illinois, the biggest decline in the Midwest. Cash bids for corn were mostly steady to firm. Prices for corn were well below growers' targets, dealers said. Although the corn basis was generally firm, bids fell by 2 cents per bushel at a processor in Blair, Nebraska.