Persistent rain across parts of the Midwest is delaying the soybean harvest, tightening supplies and forcing processors to offer large premiums for immediate deliveries. Reuters reports some soybean crushing plants have reduced production as old-crop supplies dwindle and new-crop beans remain unavailable. USDA projects processors will crush a record 2.78 billion bushels during the current marketing year. Cargill offered $1 per bushel above November futures for immediate soybean deliveries to its Sioux City, Iowa, facility Thursday, producing a cash price of $14.17½ per bushel. Other processors in Iowa and Minnesota also offered short-term premiums. Wet fields have prevented many farmers from harvesting despite attractive prices. Excessive rainfall has also slowed crop dry-down and maturity in portions of the Midwest. The shortage has affected soymeal markets, with October futures reaching a contract high Thursday as processors struggled to secure enough soybeans.
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