US Midwest soya bids extend losses

Soyabean spot basis bids extended losses at US Midwest processors and elevators on Tuesday, under pressure from farmer sales tied to the highest futures prices in eight months, dealers said. The basis declined 2 cents per bushel at a processor in Sioux City, Iowa, easing for the second time so far this week, while bids also fell at an elevator in Burns Harbor, Indiana.
Farmers in much of the region boosted sales during the past week as futures surged on a combination of factors - technical buying, short-covering in soyameal, rains that damaged crops in Argentina, and the potential impeachment of the president in top soya producer Brazil.