DES MOINES, Iowa (RFD News) — Delayed soybean harvest across Iowa has tightened nearby supplies enough to draw unusual rail shipments into the state, giving processors another source of beans while local fields remain behind schedule.
USDA says Iowa farmers had harvested just 3 percent of the soybean crop by September 27, compared with a 17 percent five-year average. Persistent rainfall has slowed fieldwork across parts of the western Corn Belt.
Wiesemeyer’s Perspectives reports Iowa processors recently received soybeans by rail to offset shortages. The tight supply has also pushed nearby basis sharply higher as crushers compete for available beans.
Earlier this week, Bunge’s Council Bluffs plant offered $1 per bushel above futures for soybeans delivered by October 2. October and November delivery bids were 25 cents below futures, creating a $1.25 spread across nearby delivery periods.
The market should loosen as harvest advances, but the current basis structure shows how quickly delayed fieldwork can create local processing shortages.
