Spot basis bids for soyabeans at elevators and processors in the US Midwest were steady to weaker on Tuesday after a recent futures rally for the crop triggered farmer sales, Midwest, dealers said.
Chicago Board of Trade soyabean futures on Tuesday rose more than 2 percent to a six-month high, with support from excessive rain in Argentina that might hurt crop prospects.
The US Department of Agriculture reported export inspections of US soyabeans in the latest week at 1,409,466 tonnes, above a range of trade expectations for 1.1 million to 1.4 million tonnes.
Futures traders ignored Tuesday morning's bearish monthly data from the National Oilseed Processors Association. NOPA said its members crushed 160.176 million bushels of soyabeans in December, down from 160.752 million in November.
Comments
Comments are closed for this article.