Soyabean spot basis bids were widely mixed at US Midwest processing plants and river terminals on Thursday as slow farmer sales supported bids in some areas while reduced demand for soyabean exports and for soyameal weighed elsewhere, dealers said. The soyabean basis gained by 3 to 5 cents at processors in Indiana and Iowa and eased by 5 cents at another Iowa processor and a processor in Nebraska.

Soyabean bids fell by 3 cents along Illinois and Ohio rivers. Export demand for US soyabeans was waning seasonally ahead of the South American harvest, leaving more beans for US domestic use. Bids for US soya barges drop sharply for barges in February, when more volumes of Brazilian soyabeans were expected to be flowing to port. Corn spot basis bids gained 3 cents at a Nebraska elevator and eased by 2 cents at an ethanol plant in western Indiana and by 1 cent along the Ohio River. Output of corn-based ethanol increased 15,000 barrels per day to a record-large rate of 1.043 million bpd last week, the US Energy information Administration said.

Copyright Reuters, 2017