Soyabean spot basis bids were steady to lower around the US Midwest on Friday as US soyabean futures rebounded, dealers said. Technical buying boosted US soyabean futures on Friday after falling to their lowest since March 24 one day ago, traders said. Farmers' sales of the oilseed have remained slow as current cash prices were not meeting the growers' price target range, dealers said.
A closely watched processor in Decatur, Illinois lowered its soyabean bid by 5 cents per bushel to 90 cents over the August Chicago Board of Trade contract. An Indiana processor lowered its soyabean bid by 15 cents to 95 cents over the August CBOT contract. Corn bids were mostly steady as few farmers sold grain, dealers said. A Nebraska processor raised its bid by 2 cents per bushel. Wheat bids were unchanged. Grain merchants in Ohio said soft red winter wheat harvest could begin in about three weeks.
