Soyabean bids were steady to sharply lower at US Midwest processors and elevators on Monday, pressured by limited crusher demand and adequate supplies of the animal feed soyameal, dealers said. The soya basis was as much as 15 cents per bushel lower at an Indiana processor. Many crushing plants had enough soyabeans bought to meet needs for the next 1-1/2 months while demand for soya products of soyameal and soyaoil was routine at interior markets and lackluster at export points, the dealers said.
Overall tight soyabean supplies and a slow pace of farmer sales continued to underpin bids, which are lower than at this point last year but remained historically strong. Corn bids were steady to firm at processors and ethanol plants as the lowest futures in about four months continued to keep a lid on farmer sales. Soft red winter wheat bids were firm at an elevator in eastern Indiana and otherwise steady with harvest in the central and northern portions of the Midwest still a week to two weeks away.