CHICAGO: Soybean spot basis bids gained at US Midwest river terminals on Wednesday, boosted by rising export demand and limited supplies in the early days of the autumn harvest, dealers said.
Shippers along the Gulf Coast were bidding aggressively for supplies while global buyers, including top importer China, ramped up purchases of US beans.
The US Department of Agriculture earlier said exporters sold 1.212 million tonnes of soybeans to unknown destinations and China - one of the largest single-day sales ever.
But bids for soybeans were steady to lower at processing plants, pressured by deliveries of freshly harvested supplies and expectations that harvest activity will increase in the next few weeks.
Corn spot basis bids fell by 7 cents per bushel at an Illinois ethanol plant and were mostly steady to narrowly mixed elsewhere as support from slow farmer sales was largely offset by the approaching harvest.
Above-normal temperatures in the Midwest were expected to speed up corn and soybean crop maturity and outlooks for limited rains during the next two weeks should also be beneficial for harvesting, agriculture meteorologists said.
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