US Midwest soyabean bids jump
Spot soyabean basis bids jumped at processors around the US Midwest again on Friday amid an effort t…Spot soyabean basis bids jumped at processors around the US Midwest again on Friday amid an effort to secure crushing supplies until the fall harvest begins, dealers said. Basis bids increased by as much as cents per bushel at processors in Illinois, Indiana and Iowa in an effort to entice farmers to sell any remaining old-crop supplies, dealers said.
Corn basis bids were steady to slightly higher in slow trade. Farmers sold light amounts of old-crop supplies in northern Ohio. Spot corn basis bids rose by 1 cent per bushel at a processor in Nebraska. A bid for corn shipped by rail to Texas also increased by 6 cents per bushel. The National Oilseed Processors Association on Friday said its US members crushed a bigger-than-expected 119.620 million bushels in July, a surprise increase from the 118.718 million bushels crushed in June.