Soybean spot basis firms as crushers seek supplies, while corn basis is steady to weaker
SOYB•Soybean spot basis bids firmed in the U.S. Midwest as processors sought supplies, while corn basis was steady to weaker. Bids at processors in Indiana rose 15 cents per bushel, with a Council Bluffs, Iowa, processor posting $1.00 over November futures.
1. Soybean bids strengthen
Spot soybean basis bids improved in the Midwest on Friday as crushing plants continued seeking supplies. Persistent rains delayed the early harvest in the western Midwest, tightening supplies and leading some plants to scale back production, the article said.
2. Regional basis changes
A Morristown, Indiana, processor raised its soybean bid by 15 cents to 40 cents a bushel over November futures for deliveries by Sunday; it then switches to 20 cents under futures for later fall deliveries. A Lafayette processor also raised its bid by 15 cents, to 25 cents over November futures for deliveries through September 30, before switching to 25 cents under futures from October 1. A Council Bluffs, Iowa, processor posted a bid of $1.00 over November futures for deliveries by Monday.
3. Futures prices
November soybeans were down 2 cents at $13.15½ a bushel in midday trading, while December corn was down 2 cents at $5.25½.
