Soyabean processor bids were steady to higher around the US Midwest on Friday as available old-crop soyabean supply remains constrained, dealers said. Soyabean bids rose by 15 cents per bushel at a closely followed processor in Decatur, Illinois. The basis bid at the processor has jumped by $1 over the past week, from $2.25 to $3.25 over the Chicago Board of Trade November soya futures contract.
A western Iowa processor increased its soyabean bid by 35 cents on Friday to $2.85 over the CBOT November soya futures contract. The bid has increased by 90 cents since Monday. Soyabean basis bids around the Midwest have jumped in recent weeks, supported by a lack of old-crop soyabeans and slow sales from farmers.
Soyabean futures on the Chicago Board of Trade ended higher on Friday, led by the spot September contract on historically high US cash markets and tightening supplies of old-crop soya ahead of the autumn harvest, traders said. Spot corn bids rose 2 to 10 cents per bushel at processors around the region. Grain merchants said cash trade was largely quiet. Pro Farmer, a farm advisory service, on Friday projected US 2014 corn production at a record 14.093 billion bushels, based on a yield of 169.3 bushels per acre.