US Midwest soyabean bids higher

January 01, 2013

US soyabean futures
US soyabean futures

Soyabean spot basis bids were mostly steady to higher at river terminals and processing plants across the US Midwest on Monday, bolstered by sustained demand and light country offerings, dealers said. Farmer sales were nearly non-existent as the year came to a close while good export demand and light supplies in the pipeline also underpinned bids.

Dealers at two Indiana crushing plants rolled their soya bids to the March soya contract from the January, taking 3 to 6 cents per bushel of the roughly 9-cent spread between the two contracts, narrowly dropping the flat price they were willing to buy the beans. But the soya basis remains historically high for this time of year amid near-record export demand for soyabeans and soyameal.

Corn spot basis bids were firm along the Mississippi River but otherwise flat in quiet trading ahead of Tuesday’s New Year’s Day holiday. Some processors and elevators were accepting deliveries to meet January contracts early after recent snowfall cut off access to grain bins and slowed deliveries of the commodities to market. But lower corn and soyabean futures chilled the already lackluster selling interest as growers continued to delay sales until 2013 for tax purposes.

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