US Midwest soyabean bids jump

Soyabean spot basis bids gained by 5 cents per bushel at a processor in Decatur, Illinois, on Tuesday and held steady elsewhere in the US Midwest as losses in futures kept a lid on farmer sales, dealers said.
The soya basis at the closely watched Illinois processor climbed to the highest levels in nearly a month. But the basis gains did not offset declines in futures. CBOT March soyabeans finished 9-1/4 cents lower at $10.45 per bushel on expectations for a record-large Brazilian soya harvest.
An elevator along the Mississippi River in Davenport, Iowa, pulled its spot bid for soyabeans after the facility reached capacity, and was not interested in further deliveries until river shipping resumes in about a month, a dealer there said.
Corn spot basis bids were mostly unchanged as CBOT corn futures eased from a seven-month high and farmers returned to the sidelines after boosting sales in recent days.