US Midwest soyabean bids slip

Soyabean spot basis bids were steady to lower at processors, river terminals and elevators in the US Midwest on Monday following a pick-up in farmer selling on Friday. Corn basis values were mostly steady. Soyabean basis bids were down 1 to 3 cents as movement increased after Friday's rally in CBOT soyabeans fuelled by a lower-than-expected acreage forecast by the USDA.
We bought quite a bit (on Friday)," said a Ohio grain merchant who dropped his bid by 3 cents. Basis bids for soyabeans were down 2 to 2-1/2 cents at river terminals in Illinois.