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Many processors were slashing their basis bids for soybeans, with the autumn harvest expected to pick up in the next few weeks. Soymeal buyers who have already bought most of the feed they need for this month were delaying further purchases in the hopes of lower prices.
Soybean spot basis bids were mostly flat to lower, but dealers in Claypool, Indiana, were bidding 30 cents per bushel over Chicago Board of Trade November futures for truckloads of the crop delivered by Wednesday. That bid is 30 cents higher than late last week, a dealer there said.
CBOT October soymeal futures were up $3.40 at $311.40 per ton at 10:52 a.m. CDT (1552 GMT).