CHICAGO: Soybean spot basis bids deepened declines at US Midwest processing plants and river terminals on Friday, fueled by the accelerating harvest that boosted supplies, dealers said.
Soy bids dropped 10 cents at a processor in Decatur, Indiana, adding to losses of 15 cents earlier this week, while the basis faded 1 to 4 cents at river terminals around the region. Strong export demand for soybeans resulted in smaller declines than those seen at processing plants.
Many soy farmers were expected to harvest this weekend, depending on how the weather cooperates, the merchants said.
However, flooding in parts of Iowa and Minnesota left fields water logged, delaying harvest for days. Soy and corn processing plants in Cedar Rapids, Iowa, closed down.
Corn bids remained mostly the same except for a mixed trend in the river terminals, where bids at one Illinois terminal increased by 10 cents per bushel while at another Illinois plant bids decreased by 1 cent per bushel.
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