US Midwest soya bids higher
May 02, 2013
Soyabean spot basis bids were steady to sharply higher at processors and elevators around the US Midwest on Tuesday as a spike in farmer sales in recent days failed to satisfy red-hot demand from crushers of the oilseed, dealers said. Soya bids are the highest levels ever for this time of year while the premium of Chicago Board of Trade May futures over July shot a contract high, indicating strong demand for nearby supplies.
But bids sank at terminals along Midwest rivers amid headwinds from increased farmer sales, seasonally slowing export demand and receding water levels that allowed shippers to load vessels for the first time since last week’s flooding. Farmers have been active sellers during the past two days due to the historically high basis and highest futures since mid-March. But US supplies are the smallest in nine years, bolstering bids despite a slightly better supply. Soya bids jumped 15 cents per bushel in northern Ohio but eased 10 to 12 cents on the Mississippi and Illinois rivers.
Corn bids firmed at closely-watched processors in Decatur, Illinois, and Blair, Nebraska, even as some farmers increased their offerings of the yellow grain after futures rose to a one-month high. Soft red winter wheat bids were higher in northern Indiana and northern Ohio, bolstered by seasonally tight supplies ahead of the harvest in the coming months. Source Reuters
Published: Zarai Media Team
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