Spot soyabean basis bids were steady to narrowly mixed at elevators and processors around the US Midwest in quiet trade on Tuesday as farmers sold light amounts of soyabeans, dealers said. Some farmers sold soyabeans in delayed pricing programs in the hope that prices would rise later, dealers said. Expectations of large crops and continued ideal growing weather have pressured CBOT corn and soya futures. Weak CBOT soya futures have dragged on cash prices in recent days, which have kept farmers from marketing crops, dealers said.
A soya bid rose by 3 cents per bushel at an Illinois River terminal, but fell by the same amount at a large Nebraska processor. Soya bids also fell by 5 cents per bushel at an elevator and processor in western Iowa. Corn bids rose by 1 cent per bushel at a closely followed processor in Decatur, Illinois and an elevator in Burns Harbor, Indiana. Corn bids were mostly steady elsewhere around the region. Soft red winter wheat bids were also mostly steady. Freshly cut wheat crops are trickling in from the fields as farmers continue to harvest the grain in northern portions of the eastern Midwest, dealers said.
