Spot basis bids for soyabeans eased at US Midwest elevators and river terminals on Wednesday, due to large supplies of harvested soya and CIF market declines, grain merchants said. The river soya basis bids declined by 5-6 cents per bushel along the Illinois and the Mississippi Rivers as bids for soya barges bound for the US Gulf Coast export market weakened and the autumn soya harvest was about halfway complete.
Soya basis bids also declined by 10 cents at a closely watched processor in Decatur, Illinois, and by 2 cents at an elevator in Council Bluffs, Iowa. Bids for corn were largely unchanged at Midwest processors and elevators while bids for corn barges also were flat, reflecting limiting deals in the corn market. Some farmers sold freshly harvested corn after CBOT corn futures rose at midmorning, before prices reversed lower in the wake of a monthly US Department of Agriculture report in which the government projected record-large US corn and soyabean yields.