Soyabean spot basis bids fell by 6 cents per bushel at a closely tracked processing plant in Decatur, Illinois, on Wednesday and also declined at Indiana and Iowa processors, pressured by the early harvest and expectations supplies will soon swell. Soya bids firmed at US Midwest river terminals while corn bids also were narrowly higher at river markets. Bids were underpinned by strong soyabean export demand and a decline in barge shipping costs that allowed grain merchants to pay more for both crops and still maintain their profit margins.
Corn bids weakened for the second straight day at a processing plant in Blair, Nebraska, and were largely unchanged at other inland processors and elevators. Farmer sales of both crops were minimal as some growers delivered freshly harvested supplies to meet existing contracts and delayed new sales in the hopes prices rise. Forecasts for mostly warm and dry weather in the region were conducive for fieldwork and harvest of both crops was expected to ramp up in the next few weeks.
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