US Cash Grains-Soybean bids sag at processors and river terminals

CHICAGO, June 12 (Reuters) - Spot soybean basis bids were down at U.S. Midwest processors and mostly down at river terminals on Thursday, according to a spot check. ADM locations were dropping their bids as they rolled over the November contract for soybeans, and other facilities followed suit.

Dealers have adequate supply and export demand is being pulled to shipping terminals in the Pacific Northwest, analysts said.

• The soybean basis lost ground at processors in Decatur, Illinois; Decatur, Indiana; Morristown, Indiana; Lafayette, Indiana and Council Bluffs, Iowa, among others.

• The soybean basis also dropped at river terminals in Toledo, Ohio; Seneca, Illinois, and Davenport, Iowa.

• Analysts said there were reports that soybean processors currently have "adequate coverage" for soybeans.

• Analysts said shipping terminals in the Pacific Northwest are seeing more business, which is resulting in lower demand at Midwest river terminals.

Basis values are quoted against CBOT futures in cts/bu:

NOTE: 0 = Option price, UNC = Unchanged, UNQ = Unquoted

NC = Not comparable, DP = Delayed price, N/A = Not available,

F = January, H = March, K = May, N = July
Q = August, U = September, X = November, Z = December

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