US Midwest soya bids steady to lower October 12, 2013


October 12, 2013

Soya spot basis bids were mostly steady to lower around the US Midwest on Thursday, pressured by the advancing harvest and largely better-than-expected early yield results, dealers said. The soya harvest was starting to accelerate after rains in recent weeks resulted in the slowest start to the soya and corn harvest in four years.

Yield results varied widely but many dealers said they were generally above average but could decline as more results are tallied – farmers tend to harvest their best fields first. The soya basis eased along Midwest rivers following several days of higher values along the waterways as more supplies started to fill the export pipeline. Bids also fell at processors in Iowa and Indiana even as a large Illinois processor boosted its basis by 5 cents per bushel.

Many growers were harvesting their soyabeans first and letting corn continue to dry down in the field. The slower harvest pace of corn helped to support bids for the yellow grain. Bids were up 5 cents in the southern US Plains rail market and otherwise unchanged. The harvest could be stalled this weekend with rains forecast in portions of the Midwest through early next week. Courtesy: Reuters

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