US Cash Grains-Corn, soy bids mostly higher as farmers hesitate to sell
CHICAGO, Nov 5 (Reuters) - Basis bids for corn and soybeans were steady to higher in the US Midwest on Thursday as low prices discouraged farmer selling, while mild rain caused minor delays to the remainder of the US corn and soybean harvest.
The US Department of Agriculture is expected to peg the nation's corn harvest at 15.962 billion bushels in a monthly report next week, down from its October estimate of 16.034 billion, according to a Reuters poll of analysts.
The harvest would be the second-largest in history, after last year's record crop.
Analysts, on average, expect the US Department of Agriculture next week will increase its estimate of US soybean production to 4.597 billion bushels from 4.562 billion in October, a record-large harvest, according to a Reuters poll.
The US Department of Agriculture said on Monday that soybean harvesting was 88% complete, ahead of the five-year average of 84%. Corn harvesting was 74% complete.
CBOT January soybeans settled 14 cents lower to $11.88-1/4 per bushel.
BOT December corn was down 4-1/4 cents at $4.40 per bushel at the close of trading. The contract on Wednesday hit its lowest level since July 1 at $4.38-1/2.
Basis values are quoted against CBOT futures in cents/bu:
Current | Previous | ||||||
Bid | Bid | ||||||
Chicago, Illinois | |||||||
Corn processors | +15 | + | Z | +15 | + | Z | UNC |
Corn elevators | +20 | + | Z | +20 | + | Z | UNC |
Soybean elevators | -10 | + | F | -10 | + | F | UNC |
Wheat elevators | -5 | + | X | -5 | + | X | UNC |
Wheat processors | +25 | + | Z | +32 | + | Z | DN 7 |
Decatur IL corn | +10 | + | Z | +5 | + | Z | UP 5 |
Decatur IL soybeans | +6 | + | X | +6 | + | X | UNC |
Burns Harbor IN corn | UNQ | UNQ | UNC | ||||
Burns Harbor IN soy | UNQ | UNQ | UNC | ||||
Lafayette IN soy | +5 | + | F | +5 | + | F | UNC |
Toledo OH (port) | |||||||
Corn | -10 | + | Z | -15 | + | Z | UP 5 |
Soy | -48 | + | F | -48 | + | F | UNC |
SRW wheat | -22 | + | Z | -22 | + | Z | UNC |
Davenport IA (river) | |||||||
Corn | -33 | + | Z | -33 | + | Z | UNC |
Soy | -30 | + | F | -33 | + | F | UP 3 |
Evansville IN (rail) | |||||||
15-car CSX corn | UNQ | UNQ | UNC | ||||
Cincinnati OH (rail) | |||||||
3-car corn | UNQ | UNQ | UNC | ||||
Hereford TX corn | +100 | + | Z | +100 | + | Z | UNC |
Columbus OH (rail) | |||||||
3-car corn | -16 | + | Z | -16 | + | Z | UNC |
Morris IL (river) | |||||||
Corn | -17 | + | Z | -18 | + | Z | UP 1 |
Soybeans | -10 | + | X | -10 | + | X | UNC |
Fort Worth TX corn | +100 | + | Z | +100 | + | Z | UNC |
Blair NE corn | -18 | + | Z | -18 | + | Z | UNC |
Council Bluffs, IA (elevator) | |||||||
Corn | -23 | + | Z | -23 | + | Z | UNC |
Soy | -92 | + | F | -97 | + | F | UP 5 |
Des Moines IA soy | -30 | + | F | -30 | + | F | UNC |
Sioux City IA soy | -15 | + | F | -15 | + | F | 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