US Cash Grains-Corn bids soften; harvest weather outlooks improve
CHICAGO, Sept 30 (Reuters) - Spot basis bids for corn were steady to softer in the US Midwest on Wednesday, spot checks showed, as forecasts called for improving weather that could promote harvest progress and grain movement.
The corn basis fell by 5 cents a bushel at a Chicago elevator and at the Toledo, Ohio, terminal.
Recent heavy rains stalled fieldwork in the northwestern Midwest and curbed deliveries of corn and soybeans to grain elevators and processing plants.
The lack of movement has elevated basis levels, especially for soybeans, as crushers scramble for supplies to keep their facilities operating efficiently.
Soybean bids were flat to firmer on Wednesday, with the basis improving by 8 cents a bushel at Decatur, Illinois, a processing hub.
Some processing sites were still offering sizable premiums for soybeans delivered through this week, while others have lowered their basis bids in the last few days.
Storms crossed a swathe of the Midwest on Wednesday from Nebraska to Ohio, stalling harvesting. However, forecasts called for drier conditions starting Friday.
On the Chicago Board of Trade, December corn futures plunged 21-1/4 cents, or 4.1%, to end at $5.00-3/4 per bushel after the US Department of Agriculture's September 1 quarterly corn stocks figure topped a range of trade expectations at 2.095 billion bushels. GRA/
CBOT November soybeans ended down 4-3/4 cents, or 0.4%, at $12.93 a bushel.
Basis values are quoted against CBOT futures in cents/bu:
Current | Previous | |||||||
Bid | Bid | |||||||
Chicago, Illinois | ||||||||
Corn processors | +0 | + | Z | +0 | + | Z | UNC | |
Corn elevators | +0 | + | Z | +5 | + | Z | DN 5 | |
Soybean elevators | -20 | + | X | -20 | + | X | UNC | |
Wheat elevators | -25 | + | X | -25 | + | X | UNC | |
Wheat processors | -5 | + | Z | -5 | + | Z | UNC | |
Decatur IL corn | -15 | + | Z | -15 | + | Z | UNC | |
Decatur IL soybeans | -12 | + | X | -20 | + | X | UP 8 | |
Burns Harbor IN corn | UNQ | UNQ | UNC | |||||
Burns Harbor IN soy | UNQ | UNQ | UNC | |||||
Lafayette IN soy | -20 | + | X | -20 | + | X | UNC | |
Toledo OH (port) | ||||||||
Corn | -20 | + | Z | -15 | + | Z | DN 5 | |
Soy | -30 | + | X | -30 | + | X | UNC | |
SRW wheat | -15 | + | Z | -35 | + | Z | UP 20 | |
Davenport IA (river) | ||||||||
Corn | -90 | + | Z | -90 | + | Z | UNC | |
Soy | -53 | + | X | -53 | + | X | UNC | |
Evansville IN (rail) | ||||||||
15-car CSX corn | -8 | + | Z | -8 | + | Z | UNC | |
Cincinnati OH (rail) | ||||||||
3-car corn | UNQ | UNQ | UNC | |||||
Hereford TX corn | +120 | + | Z | +120 | + | Z | UNC | |
Columbus OH (rail) | ||||||||
3-car corn | -2 | + | Z | -2 | + | Z | UNC | |
Morris IL (river) | ||||||||
Corn | -36 | + | Z | -36 | + | Z | UNC | |
Soybeans | -25 | + | X | -25 | + | X | UNC | |
Fort Worth TX corn | +120 | + | Z | +120 | + | Z | UNC | |
Blair NE corn | +0 | + | Z | +0 | + | Z | UNC | |
Council Bluffs, IA (elevator) | ||||||||
Corn | -20 | + | Z | -20 | + | Z | UNC | |
Soy | +0 | + | X | +0 | + | X | UNC | |
Des Moines IA soy | +100 | + | X | +100 | + | X | UNC | |
Sioux City IA soy | +100 | + | X | +100 | + | X | UNC |
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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LINKS:
For US forward basis spreadsheets, please click on:
- CBOT corn report COR/
- CBOT soybean report SOY/C
- CBOT wheat report WHE/C
- US grain barge freight values BG/US
- US Midwest cash grain AM GRA/M
- US CIF/FOB Gulf Grain GRA/F