Spot soyabean basis bids on Thursday around elevators in the US Midwest were mostly steady to higher after farmers held off selling beans as futures prices soared, dealers said. They said some elevators fielded calls from crushers looking to capitalize on profitable margins. Chicago Board of Trade soyabeans approached two-year highs, fueled by concerns over the quality of Argentina's harvested crop.
Increased export demand lifted soyabean and corn bids at the closely watched Davenport, Iowa, river terminal. Wheat bids at an Illinois elevator were up 5 cents per bushel after wet conditions in the area slowed delivery of supplies. Futures hit a six-week high after punching through technical resistance barriers, which limited farmer sales.