Soyabean spot basis bids were steady to sharply lower at processing plants around the US Midwest on Thursday, pressured by continued light farmer sales after futures for the beans rose for the third straight session, grain merchants said. Bids tumbled by 8 cents per bushel at a processor in Sioux City, Iowa, and declined for the second straight day at a closely tracked crushing plant in Decatur, Illinois. Soyabean futures jumped to a more than one-month high in a bullspreading rally, triggering farmer sales of existing supplies even as the growers delayed sales of what they expected to harvest this autumn.
Futures were supported in part by higher cash prices for soyabeans in US export markets, with the CIF barge basis rising as elevated river levels prevented some shippers from loading soyabeans. The gains in the CIF market bolstered soya bids along the Illinois and lower Ohio rivers, with the basis in Cincinnati rising by 5 cents per bushel.
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