September 17, 2012 / 8:23 PM / 5 years ago

U.S. Midwest grain dealers post protection on soy bids

Sept 17 (Reuters) - U.S. Midwest grain dealers were posting 6 to 10 cents per bushel protection on soybean bids on Monday after soy futures plunged their daily price limit of 70 cents at the Chicago Board of Trade.

Soybean futures may deepen losses during the next trading session that begins at 5 p.m. CDT (2200 GMT).

Dealers post protection in the event farmers seek to sell their crops shortly before prices fall. However, few growers were interested in selling after futures fell to the lowest level in nearly a month, the dealers said. (Reporting by Michael Hirtzer in Chicago; Editing by Bob Burgdorfer)

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