US Cash Grains-Some soy basis bids ease; corn mixed
CHICAGO, Oct 1 (Reuters) - The basis for soybeans weakened at a few crushing plants and elevators in the US Midwest on Thursday as some locations scaled back hefty premiums that had been offered for prompt soybean deliveries, spot checks showed.
However, rains across much of the Midwest this week continued to slow harvest activity for both soybeans and corn, limiting grain movement and propping up cash bids at various other sites.
The spot soybean basis fell by 30 cents a bushel at a Cedar Rapids, Iowa, crushing facility and by 5 cents at a Lafayette, Indiana, processor. The basis fell by 10 cents at a Toledo, Ohio, terminal elevator.
But at least five crushing plants in Iowa were still bidding $1 or more per bushel over the price of Chicago Board of Trade November soybean futures for soybeans delivered in the early days of October.
"Significant lowland flooding and excessively wet conditions have developed from southeastern Nebraska into southern Iowa and northern Missouri.... Corn and soybean harvest activities have been curtailed in the wettest areas," the USDA said in a daily weather note.
For corn, the basis for nearby deliveries fell by 25 cents a bushel at an ethanol plant in Union City, Indiana, while the basis firmed by 4 cents at a Council Bluffs, Iowa, ethanol site.
On the CBOT as of 11:40 a.m. CDT (1640 GMT), December corn was down 3 cents at $4.97-3/4 a bushel and November soybeans were down 15-1/2 cents at $12.77-1/2 a bushel. GRA/
Basis values are quoted against CBOT futures in cts/bu:
ELEVATORS | |||||||||
CORN | SOYBEANS | ||||||||
CINCINNATI OH | -54 | + | Z | UP 1 | -35 | + | X | UP 3 | |
BURNS HARBOR IN | UNQ | UNC | UNQ | UNC | |||||
DECATUR IN | UNQ | UNC | UNQ | UNC | |||||
DES MOINES IA | UNQ | UNC | UNQ | UNC | |||||
LINCOLN NE | -35 | + | Z | UNC | -30 | + | X | UNC | |
PROCESSORS | |||||||||
CORN | SOYBEANS | ||||||||
DECATUR IL | -15 | + | Z | UNC | -12 | + | X | UNC | |
DECATUR IN | -20 | + | X | UNC | |||||
MORRISTOWN IN | -20 | + | X | UNC | |||||
LAFAYETTE IN | -25 | + | X | DN 5 | |||||
CEDAR RAPIDS IA | +5 | + | Z | UNC | +40 | + | X | DN 30 | |
COUNCIL BLUFFS IA | +100 | + | X | UNC | |||||
LINCOLN NE | +100 | + | X | UNC | |||||
BLAIR NE | +0 | + | Z | UNC | |||||
RIVER TERMINALS | |||||||||
CORN | SOYBEANS | ||||||||
TOLEDO OH | -15 | + | Z | UNC | -30 | + | X | DN 10 | |
SENECA IL | -36 | + | Z | UNC | -25 | + | X | UNC | |
SAVANNA IL | -39 | + | Z | UNC | -56 | + | X | UNC | |
DAVENPORT IA | -90 | + | Z | UNC | -53 | + | X | UNC | |
ETHANOL PLANTS | |||||||||
LINDEN IN | -15 | + | Z | UNC | |||||
UNION CITY IN | +0 | + | Z | DN 25 | |||||
ANNAWAN IL | -10 | + | Z | UNC | |||||
COUNCIL BLUFFS IA | -24 | + | Z | UP 4 | |||||
SRW WHEAT | |||||||||
TOLEDO OH | -20 | + | H | NC | |||||
CINCINNATI OH | UNQ | UNC | |||||||
DECATUR IN | -35 | + | N | UNC | |||||
BURNS HARBOR IN | UNQ | 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:
- 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 PM GRA/PM
- US CIF/FOB Gulf Grain GRA/F