Spot soyabean processor bids were steady to higher around the US Midwest on Tuesday as old-crop supplies tighten, dealers said. Bids for soyabeans jumped by as much at 50 cents per bushel at a closely followed processor in Decatur, Illinois. A large processor in western Iowa also increased its bid by 30 cents per bushel.
Inventory levels at some processors have decreased in recent weeks as available old-crop supplies dwindle. Processors increased bids in an attempt to attract farmers with old-crop soyabeans in storage to sell, dealers said. Spot corn bids were also steady to higher around the regions as farmers' sales have tapered off due to weak Chicago Board of Trade corn futures values. Farmers have old-crop corn but are hesitant to sell as CBOT futures remain below $4 per bushel, dealers said.
Corn yields in eastern Nebraska are above average as good summer weather boosted plant development, although pockets of dryness trimmed yields in far southern sections of the country's No 3 corn state, scouts on an annual crop tour found on Tuesday. Corn and soyabean fields north-west of Indianapolis consistently showed robust yield potential, with rains this week likely to enhance already bin-busting prospects for the crops, scouts on an annual four-day tour found on Tuesday.
