Soy processor bids gyrate amid uneven harvest progress
SOYB•Soybean basis bids were sharply mixed across the US Midwest as some processors struggled to secure supplies while harvest deliveries replenished other locations. Some sites offered premiums of around $1 a bushel or more for soybeans delivered this week; corn bids were mostly steady to stronger.
1. Mixed soybean bids
Spot soybean basis bids changed sharply in different directions across the Midwest on Monday. Some crushers struggled to source enough beans, while harvest deliveries replenished supplies at processors and elevators in other areas.
2. Processor premiums
A few processing sites offered premiums of around $1 a bushel or more for soybeans delivered this week. Drier weekend weather helped harvest progress in some areas, while one source raised concern that soybeans affected by last week's rains could have high moisture and pose challenges for crushers. Corn bids were mostly steady to stronger.
3. Harvest estimates and futures
Analysts surveyed ahead of the US Department of Agriculture's weekly crop progress report expected soybean and corn harvests to be 20% complete. Late Monday, November soybeans fell 31 cents to $12.88 a bushel and December corn lost 4-3/4 cents to $5.23-1/2, as soybeans were excluded from proposed agricultural tariff cuts following last week's summit between President Donald Trump and President Xi Jinping.
