Soyabean spot basis bids were steady to sharply lower at US Midwest processors and elevators on Thursday after a rally in Chicago Board of Trade soya futures triggered relatively heavy farmer sales of the oilseed, dealers said. Bids tumbled by 15 cents per bushel at a processor in Sioux City, Iowa, partially offsetting the 28-3/4 cents futures gains.
CBOT March soyabeans finished at a 3-1/2 week high of $10.40-1/4 after the US Department of Agriculture showed slightly smaller-than-expected US production. Soyabean bids also eased at an Indiana processor and at an elevator along the Illinois River.