Some farmers rescheduled soybean deliveries due to hazardous road conditions. Many processors have their short-term needs covered, and crushing pace should not be immediately impacted by weather-induced delays, dealers said.
Storms are forecast to bring 1 to 6 inches (2.5 to 15.2 cm) of snow to the US Midwest late this week while temperatures moderate slightly after a bitter cold spell, an agricultural meteorologist said Wednesday.
A closely followed processor in Decatur, Illinois, lowered its soybean bid by 5 cents per bushel to 15 cents over the CBOT March contract. A soybean bid at a Davenport, Iowa, terminal on the Mississippi River was lowered by 2 cents per bushel.
Soybean bids rose by 3 cents per bushel at an Illinois River terminal and by 2 cents per bushel at an Iowa processor.
Soy bids had declined following a spike in farmer sales earlier this month, but some processors lifted the basis, seeking to entice selling in the wake of a downturn in futures.
US soybean futures tumbled on Wednesday under pressure from expectations that a bumper South American crop will raise global inventories, while large supplies pushed wheat futures to a 3-1/2 year low. Corn futures also declined.
Cash basis bids for corn were mostly steady. A corn bid was higher by 1 cent per bushel at an Iowa processor where steady deliveries built up available supply.
A corn bid fell by 2 cents per bushel at a large processor in Blair, Nebraska.