US Midwest soya bids fall sharply

July 13, 2013

US Midwest soya
US Midwest soya

Soya spot basis bids fell sharply at US Midwest processors and river terminals on Thursday after the recent spike in futures to the highest levels since September spurred an increase in old-crop sales by farmers, dealers said. Existing supplies remain historically tight but the pickup in sales in recent days at cash prices at $16 per bushel or higher was enough to pull bids for the oilseed from what had been the loftiest levels ever at this time of year.

Soya bids tumbled 20 cents per bushel to the lowest point in two weeks at a closely-watched processor in Decatur, Illinois, while waning export demand for old-crop supplies weighed on bids at Mississippi and Illinois rivers terminal. Corn bids were mostly steady to higher as old-crop sales remained very light. Bids jumped 7 cents to the highest levels in history at a major processor in Blair, Nebraska, and firmed by 2 cents along the mid-Mississippi River. Growers have very little corn left to sell from last year’s harvest and are willing to hold out for higher prices before selling the remainder. The US Department of Agriculture underlined the split nature of the US corn and soyabean market, as razor-thin old-crop supplies following the 2012 drought were expected to soon give way to an abundant harvest and rising stockpiles. Courtesy Reuters

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