US Cash Grains-Soy processor bids gyrate amid uneven harvest progress
CHICAGO, Sept 28 (Reuters) - Spot basis bids for soybeans showed sharply mixed changes in the US Midwest on Monday as some crushers continued to struggle to source enough soybeans, while weekend harvest activity steered fresh supplies to elevators and processors in some areas, merchandisers said.
Spot basis bids for corn were mostly steady to stronger.
On soybeans, a few processing sites were posting big premiums of around $1 a bushel or more for soybeans delivered this week, underscoring demand for prompt supplies to maintain a crushing pace.
Drier weekend weather promoted harvest progress in a few areas, replenishing processors, and some locations dropped their spot soybean basis.
Following rains last week, one source noted concern about high-moisture soybeans that may pose challenges for crushers.
Ahead of the US Department of Agriculture's weekly crop progress report, due later on Monday, analysts surveyed by Reuters on average expected the agency to report harvest progress as 20% complete for both soybeans and corn.
Late in Monday's trading session, CBOT November soybeans were down 31 cents at $12.88 a bushel and December corn was down 4-3/4 cents at $5.23-1/2 a bushel, pressured by disappointment that soybeans were excluded from proposed tariff cuts on agricultural goods following last week's high-profile summit between President Donald Trump and President Xi Jinping. GRA/
Basis values are quoted against CBOT futures in cts/bu:
ELEVATORS | |||||||||
CORN | SOYBEANS | ||||||||
CINCINNATI OH | -54 | + | Z | DN 1 | -39 | + | X | UP 1 | |
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 | -20 | + | X | DN 10 | |
DECATUR IN | +30 | + | X | DN 10 | |||||
MORRISTOWN IN | -20 | + | X | DN 60 | |||||
LAFAYETTE IN | +25 | + | X | UNC | |||||
CEDAR RAPIDS IA | -1 | + | Z | UP 6 | +70 | + | X | UP 100 | |
COUNCIL BLUFFS IA | +100 | + | X | UNC | |||||
LINCOLN NE | +100 | + | X | UP 15 | |||||
BLAIR NE | +0 | + | Z | UP 15 | |||||
RIVER TERMINALS | |||||||||
CORN | SOYBEANS | ||||||||
TOLEDO OH | -15 | + | Z | UNC | -20 | + | X | UNC | |
SENECA IL | -36 | + | Z | UNC | -35 | + | X | UNC | |
SAVANNA IL | -39 | + | Z | UNC | -56 | + | X | DN 17 | |
DAVENPORT IA | -90 | + | Z | UNC | -65 | + | X | UP 5 | |
ETHANOL PLANTS | |||||||||
LINDEN IN | -20 | + | Z | UNC | |||||
UNION CITY IN | +25 | + | Z | UNC | |||||
ANNAWAN IL | -25 | + | Z | UNC | |||||
COUNCIL BLUFFS IA | -28 | + | Z | UNC | |||||
SRW WHEAT | |||||||||
TOLEDO OH | -22 | + | Z | UP 8 | |||||
CINCINNATI OH | UNQ | Z | UNC | ||||||
DECATUR IN | -35 | + | N | NC | |||||
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