Spot basis bids for soyabeans were steady to firm at processors and elevators around the US Midwest on Wednesday as farmers sold light scattered amounts of the crop, dealers said. Farmers sold light amounts of soya early on Wednesday while dealers noted steady crop deliveries as temperatures moderated around the region, dealers said.
Soya bids increased by 5 cents per bushel at a closely followed processor in Decatur, Illinois, and by 3 cents per bushel at a processor in Sioux City, Iowa. A soya bid on the Mississippi River rose by 3 cents per bushel. US soyabean futures rose for a third day on Wednesday, supported by tight domestic stocks, traders said. A closely followed processor in Decatur, Illinois, raised its corn bid by 1 cent per bushel and an elevator in Council Bluffs, Iowa, raised its corn bid by the same amount.
An Ohio grain merchant said many farmers inquired about cash wheat prices as US wheat futures soared more than 3 percent. US wheat futures climbed to a 10-month high on Wednesday on concerns that dust storms and dry conditions will hurt harvests in the Southern Plains states.
Analysts were expecting a US Agriculture Department report on Thursday morning to show old-crop export sales of soyabeans were in a range from 100,000 to 300,000 tonnes in the latest week compared with 113,600 tonnes the previous week. Analysts expected a weekly US Agriculture Department report on Thursday morning to show export sales of corn in a range from 400,000 to 700,000 tonnes, compared with 683,400 tonnes a week ago. New crop export sales were forecast between 100,000 and 350,000 tonnes, compared with last week's 103,600 tonnes.
