Soy basis mixed as scattered harvest activity replenishes supplies
SOYB•Soybean basis bids were mixed in the US Midwest as rain-related harvest delays supported values in some areas while scattered harvesting replenished supplies elsewhere. The soybean harvest was 17% complete nationally, while Iowa was 3% complete, and November soybeans settled up 9.5 cents at $12.97¾ a bushel.
1. Mixed local basis bids
Spot soybean basis bids were mixed in the US Midwest on Tuesday. The basis fell 45 cents per bushel at a Lafayette, Indiana, crushing plant, while processors in Lincoln, Nebraska, and Council Bluffs, Iowa, continued to post premiums of $1 per bushel for soybeans delivered this week. River bids strengthened by 10 cents at Seneca, Illinois, and 7 cents at Davenport, Iowa.
2. Harvest progress and futures
The US Department of Agriculture said corn harvest was 18% complete nationally by Sunday, matching the five-year average, while soybean harvest was 17% complete. Iowa’s soybean harvest was 3% complete, compared with its five-year average of 17%. Rain crossed parts of the Midwest on Tuesday. December corn settled down 1 cent at $5.22 per bushel, while November soybeans rose 9.5 cents to $12.97¾, supported by bargain buying and firm cash markets.
