Soyabean spot basis bids were mostly steady in quiet trade at processors and elevators around the US Midwest on Monday as farmers were reluctant to sell crops, dealers said. Farmers were big soya sellers earlier this month when US soyabean futures rallied and boosted cash prices above $14 per bushel. But now farmers' incentive to sell has tapered off on softer US soya futures values, dealers said.
A southern Ohio processor increased its bid by 22 cents per bushel in an effort to entice farmers to sell. Corn basis bid held steady at elevators. A processor in Blair, Nebraska raised its bid by 3 cents per bushel. Corn bids on the Illinois and Mississippi Rivers rose by 1 cent per bushel.
In western Iowa, farmers were willing to wait for cash prices to improve after moving massive amounts of crops in the last 45 days, a dealer at a Council Bluffs processor said. Farmers may have only 10 to 15 percent of corn left in the storage bins, the dealer said. The National Oilseed Processors Association's monthly crush report due Monday should show that NOPA's US members crushed 140.9 million bushels of soyabeans in February, down 10 percent from January, a Reuters poll showed.
