CHICAGO: Soybean spot basis bids were steady to sharply lower at US Midwest processors and river terminals on Monday as farmers delivered fresh supplies in the early phases of the autumn harvest, dealers said.
Some growers were taking advantage of a one-week high in Chicago Board of Trade soybean futures to sell beans straight out of the fields. Soy basis bids also were likely to extend losses as harvest activity advances in the coming weeks.
Soybean bids declined by 15 cents at Iowa processors in Cedar Rapids and Iowa Falls while bids eased by 10 cents at a terminal along the Ohio River in Cincinnati, Ohio.
Weekend rains in parts of the central and eastern Midwest delayed fieldwork for a few days, underpinning cash bids in the near term, dealers in Indiana and Ohio said.
Corn spot basis bids were narrowly mixed, with some ethanol plants boosting bids on light demand before harvest gets going later this month. However, ample existing corn stocks and the harvest in the South and mid-South kept a lid on basis gains, the dealers said.
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