Soyabean spot basis bids were steady to sharply lower around the US Midwest on Tuesday, pressured by an ebb in demand from processors and exporters of the oilseed, dealers said. The soya basis fell by as much as 15 cents per bushel at a northern Indiana elevator. Processors, including a closely watched crushing plant in Decatur, Illinois, continued to roll bids to Chicago Board of Trade August futures from the July futures, taking less than the spread between the contracts and in effect reducing their flat-price bid.
Corn spot basis bids were steady to higher, supported by the lowest futures since mid-February and the corresponding slowdown in farmer sales. Soft red winter wheat bids increased 5 cents at an elevator near Chicago while bids for wheat were otherwise largely unchanged with the harvest likely to begin in July.
