Soyabean spot basis bids jumped at processors and river terminals around the US Midwest early on Monday, supported by slow farmer sales and better demand for the oilseed, dealers said. Corn bids were also firm along the river while bids held steady at interior processors, elevators and ethanol plants.
Some farmers were calling to inquire about bids and flat cash prices for soyabeans, after futures rose strongly overnight, but few of the producers were making sales. Country offerings are expected to remain light this week as the growers focus on prepping fields for spring plantings and, in some cases, get a head start on corn seedings.
The soyabean basis in the CIF barge market late last week rebounded to a three-week high after earlier hitting a two-month low, which supported the soya basis on the river in the Midwest. Soya bids rose as much as 6-1/2 cents along the Illinois River while bids also gained 4 to 5 cents at processors in Iowa and Indiana.
CBOT soyabean futures climbed to a six-month high early on Monday amid diminishing crop prospects in South America and ideas that the early start to the US planting season will lead to more corn acres and less soya. Soyabeans were called to open 10 to 12 cents per bushel higher, while corn was seen down 1 to 2 cents on soya-corn spreading and wheat up 1/2 cent on a weak dollar.
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