US Cash Grains-Soy basis mostly steady-weak on scattered harvest activity
CHICAGO, Sept 28 (Reuters) - Spot basis values for soybeans were mostly steady to weaker in the US Midwest on Monday, spot checks showed, reflecting scattered weekend harvest progress that steered fresh supplies to soy processing facilities.
The spot basis plunged by 40 to 45 cents per bushel at crushing sites in Decatur, Illinois, and Lafayette, Indiana.
But other processors continued to post sizable premiums for soybeans delivered this week, underscoring demand for immediate supplies after a slow harvest start.
Skies were clear in parts of the Midwest over the weekend and on Monday, enabling fieldwork to resume in some areas where soils were dry enough to support heavy equipment.
However, forecasts called for more harvest-slowing rains this week in states like Iowa, where flood watches were in effect on Monday afternoon, and Illinois. The states are the top two US soybean producers.
The USDA's weekly crop progress report showed the US soybean harvest was 17% complete as of Sunday, but Iowa's progress was only 3%, lagging the state's five-year average of 17%.
Corn basis bids were steady to stronger on Monday, supported by similar shortfalls tied to harvest delays.
The USDA said the corn harvest was 18% complete nationally by Sunday, matching the five-year average pace, but states including Iowa, Nebraska and Minnesota were behind their respective averages.
On the Chicago Board of Trade, November soybeans plunged by 30-3/4 cents, or 2.3%, to settle at $12.88-1/4 a bushel while December corn ended down 5-1/4 cents, or 1%, at $5.23 a bushel.
Soybean futures led the grains complex lower after soybeans were excluded from proposed tariff cuts on agricultural goods following last week's US-China summit. GRA/
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 | +5 | + | Z | +5 | + | Z | UNC | |
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 | -20 | + | X | +20 | + | X | DN 40 | |
Burns Harbor IN corn | UNQ | UNQ | UNC | |||||
Burns Harbor IN soy | UNQ | UNQ | UNC | |||||
Lafayette IN soy | -20 | + | X | +25 | + | X | DN 45 | |
Toledo OH (port) | ||||||||
Corn | -15 | + | Z | -15 | + | Z | UNC | |
Soy | -30 | + | X | -30 | + | X | UNC | |
SRW wheat | -35 | + | Z | -35 | + | Z | UNC | |
Davenport IA (river) | ||||||||
Corn | -90 | + | Z | -90 | + | Z | UNC | |
Soy | -58 | + | X | -70 | + | X | UP 12 | |
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 | -20 | + | X | DN 5 | |
Fort Worth TX corn | +120 | + | Z | +120 | + | Z | UNC | |
Blair NE corn | +0 | + | Z | -10 | + | Z | UP 10 | |
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 U.S. forward basis spreadsheets, please click on:
- CBOT corn report COR/
- CBOT soybean report SOY/C
- CBOT wheat report WHE/C
- U.S. grain barge freight values BG/US
- U.S. Midwest cash grain AM GRA/M
- U.S. CIF/FOB Gulf Grain GRA/F