US Cash Grains-Corn basis mixed; Midwest weather seen improving
CHICAGO, Oct 2 (Reuters) - Spot basis bids for corn were mixed in the US Midwest on Friday, with values weakening at two corn processing facilities as forecasts called for drier weather that could favor harvest activity.
However, progress is expected to remain slow in some areas.
"In the wake of excessively heavy rainfall from portions of the central Plains into the western Corn Belt, fieldwork delays are likely to linger for many days, as producers attempt to avoid soil compaction during harvest," the US Department of Agriculture said in a daily weather note.
Brokers noted worries about declining grain quality due to the wet conditions.
The corn basis fell by 7 cents a bushel at processors in Blair, Nebraska, and Cedar Rapids, Iowa.
The basis for corn improved by 4 cents at a Cincinnati, Ohio, elevator.
Soybean basis bids were mostly steady. A few crushing facilities continued to post big premiums for soybeans delivered by or before Monday, but other sites have scaled back their bids in recent days.
Commodity brokerage StoneX on Thursday lowered its estimate of the average US 2026 corn yield to 182.1 bushels per acre (bpa), from 182.9 in its previous monthly survey, while raising its US soybean yield estimate to 54.1 bpa from 53.0 bpa last month.
The StoneX figures for both crops are above the USDA's current national yield estimates of 178.5 bpa for corn and 52.8 bpa for soybeans.
On the Chicago Board of Trade as of 9:52 a.m. CDT (1452 GMT), December corn was down 2 cents at $5.00-1/4 a bushel and November soybeans were down 2-1/4 cents at $12.81-3/4 a bushel. GRA/
Basis values are quoted against CBOT futures in cts/bu:
ELEVATORS | |||||||||
CORN | SOYBEANS | ||||||||
CINCINNATI OH | -50 | + | Z | UP 4 | -32 | + | 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 | UNC | |||||
CEDAR RAPIDS IA | -2 | + | Z | DN 7 | +40 | + | X | UNC | |
COUNCIL BLUFFS IA | +100 | + | X | UNC | |||||
LINCOLN NE | +100 | + | X | UNC | |||||
BLAIR NE | -7 | + | Z | DN 7 | |||||
RIVER TERMINALS | |||||||||
CORN | SOYBEANS | ||||||||
TOLEDO OH | -15 | + | Z | UNC | -30 | + | X | UNC | |
SENECA IL | -36 | + | Z | UNC | -25 | + | X | UNC | |
SAVANNA IL | -39 | + | Z | UNC | -56 | + | X | UNC | |
DAVENPORT IA | -90 | + | Z | UNC | -55 | + | X | DN 2 | |
ETHANOL PLANTS | |||||||||
LINDEN IN | -15 | + | Z | UNC | |||||
UNION CITY IN | +0 | + | Z | UNC | |||||
ANNAWAN IL | -10 | + | Z | UNC | |||||
COUNCIL BLUFFS IA | -24 | + | Z | UNC | |||||
SRW WHEAT | |||||||||
TOLEDO OH | -20 | + | H | UNC | |||||
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