CHICAGO: Soybean cash basis bids were sharply higher at processors in the eastern half of the US Midwest on Tuesday and steady to lower at crushing plants in the western half of the region as supplies tightened ahead of the fall harvest, dealers said.
Soy basis bids jumped 10 cents per bushel to the highest premiums since June at a closely watched processor in Decatur, Illinois, while the basis tumbled 15 cents at a processor in Lincoln, Nebraska.
Farmers sold small amounts of last year's harvest when soybean futures reached 3-1/2 week highs on Monday, weighing on cash bids at some western Midwest processors, an Iowa soybean buyer said.
But with harvest still weeks away, some crushers in Illinois and Indiana were bidding more aggressively to entice sales from farmers and commercial elevators, and there was chatter of crushers there buying soybeans at high premiums to their official posted bids.
Corn spot basis bids were narrowly higher at some river terminals, recouping a portion of their steep losses from last week even as corn supplies in the export pipeline were ample.
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