CHICAGO: Spot soybean basis bids at US Midwest elevators and processors were steady to lower on Thursday coinciding with rolling of some soybean bids out of nearby futures contracts into more actively traded deferred months, merchants said.
Some dealers were rolling soybean bids out of Chicago Board of Trade August soybeans into November. The first notice day for deliveries against August futures is on Friday.
A Decatur, Indiana processor rolled its bid to 20 cents per bushel over November futures from the August contract that was even. With the spread between the contracts at about 25 cents per bushel, the processors, or crusher, effectively slashed its cash bid by 5 cents.
US Department of Agriculture's weekly grain export sales data on Thursday morning showed sales of old-crop soybeans were a net -1,400 tonnes in the latest week, due to a cancellations of 475,600 tonnes from unknown buyers.
Corn bids at elevators and processors in the region were steady to weak as soft futures prices discourage farmer sales.
Weekly export sales report for corn was in line with market expectations, but new-crop total of 476,500 tonnes was near the low end of forecasts.
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