Spot basis bids for soyabeans fell around the US Midwest on Monday, with supplies plentiful at processors, elevators and river terminals due to recent farmer sales. The basis was weakest at river locations, where high water has slowed movement by barge, raised shipping costs and further culled demand along waterways.
Another rally in the futures market pushed cash prices higher and caused some growers to lock in prices for soyabeans they had been storing at commercial grain facilities, a dealer in Toledo, Ohio, said. Corn bids were steady to firm, supported by slow country movement of the yellow grain. Some dealers began rolling their soyabean basis bids to the Chicago Board of Trade August futures contract, which closed about 15 cents lower than the July contract.