CHICAGO: Soybean bids declined deeply at U.S Midwest elevators, processing plants and river terminals on Monday, as the harvest gained momentum this week, merchants said.
Soy harvest accelerated, producing ample supplies. Soy spot basis dropped more significantly in processing plants. Bids at one Iowa plant declined by 20 cents per bushel, compared with 3-8 cents for elevators and 4-16 cents for river terminals.
While harvest is ongoing in certain parts, the National Weather Services issued a major flood warning for the Cedar River, where water levels were forecast to rise to 20 feet, delaying harvest in the area and forcing corn and soy processors to shut down in Cedar Rapids, Iowa.
Corn bids remained mostly the same except for a decline of 10 cents per bushel in one elevator in Indiana.
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