US Cash Grains-Soy, corn basis steady to down sharply, forecasts favor harvest progress
CHICAGO, Oct 1 (Reuters) - Spot basis bids for corn and soybeans were steady to sharply weaker in the US Midwest on Thursday as the new month began and forecasts called for improving weather starting this weekend that should promote harvest progress after widespread delays, brokers said.
The soybean basis plunged by 58 cents a bushel and the corn basis fell by 10 cents at an elevator in Council Bluffs, Iowa.
The corn basis fell by 7 cents at a Blair, Nebraska, processing plant, and by 5 cents at a Chicago elevator.
The soybean basis declined by a nickel a bushel at a Lafayette, Indiana, crushing facility.
Some soy processors were scaling back big premiums that had been offered for prompt soybean deliveries.
However, several 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 next few days.
On the Chicago Board of Trade, November soybeans ended down 9 cents, or 0.7%, at $12.84 a bushel while December corn ended up 1-1/2 cents, or 0.3%, at $5.02-1/4 a bushel, consolidating after a dip to $4.95, its lowest since August 19. GRA/
After the close, brokerage StoneX trimmed its estimate of the average US 2026 corn yield to 182.1 bushels per acre (bpa) from 182.9 in its previous monthly report, while raising its soybean yield estimate to 54.1 bpa, from its September estimate of 53.0 bpa.
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 | +0 | + | Z | DN 5 | |
Soybean elevators | -20 | + | X | -20 | + | X | UNC | |
Wheat elevators | -20 | + | X | -25 | + | X | UP 5 | |
Wheat processors | +5 | + | Z | -5 | + | Z | UP 10 | |
Decatur IL corn | -15 | + | Z | -15 | + | Z | UNC | |
Decatur IL soybeans | -12 | + | X | -12 | + | X | UNC | |
Burns Harbor IN corn | UNQ | UNQ | UNC | |||||
Burns Harbor IN soy | UNQ | UNQ | UNC | |||||
Lafayette IN soy | -25 | + | X | -20 | + | X | DN 5 | |
Toledo OH (port) | ||||||||
Corn | -20 | + | Z | -20 | + | Z | UNC | |
Soy | -30 | + | X | -30 | + | X | UNC | |
SRW wheat | -30 | + | Z | -15 | + | Z | DN 15 | |
Davenport IA (river) | ||||||||
Corn | -90 | + | Z | -90 | + | Z | UNC | |
Soy | -55 | + | X | -53 | + | X | DN 2 | |
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 | -25 | + | X | UNC | |
Fort Worth TX corn | +120 | + | Z | +120 | + | Z | UNC | |
Blair NE corn | -7 | + | Z | +0 | + | Z | DN 7 | |
Council Bluffs, IA (elevator) | ||||||||
Corn | -30 | + | Z | -20 | + | Z | DN 10 | |
Soy | -58 | + | X | +0 | + | X | DN 58 | |
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 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