US Cash Grains-Soy basis steady-weaker at crusher sites
CHICAGO, Oct 2 (Reuters) - Basis bids for soybeans were steady to weaker in the US Midwest on Friday, with spot checks showing values falling sharply at two Iowa soy crushing facilities as weather outlooks signaled improving weather for harvest.
The posted soybean basis declined by 60 cents a bushel at a crush plant in Des Moines and by 15 cents at Sioux City, Iowa.
Both locations were among several sites in Iowa and Nebraska that had offered hefty premiums for soybeans delivered this week, after heavy late-September rains stalled fieldwork, leaving processors under-supplied with soybeans to crush.
Corn bids had a similarly weak tone, with the basis dropping by 8 cents a bushel at a Columbus, Ohio, rail hub.
Despite the shift to drier weather, farmers in saturated areas may limit harvest activity to avoid compacting soils with heavy equipment, the US Department of Agriculture said in a daily weather note.
"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," the USDA said.
The government was scheduled to release updated weekly harvest progress figures on Monday afternoon.
On the Chicago Board of Trade, November soybeans settled down 5-3/4 cents at $12.78-1/4 a bushel and December corn ended down 4-1/2 cents at $4.97-3/4 a bushel, pressured by improving US weather and a lack of supportive news. 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 | -20 | + | X | -20 | + | X | UNC | |
Wheat processors | +5 | + | Z | +5 | + | Z | UNC | |
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 | -25 | + | X | UNC | |
Toledo OH (port) | ||||||||
Corn | -20 | + | Z | -20 | + | Z | UNC | |
Soy | -30 | + | X | -30 | + | X | UNC | |
SRW wheat | -30 | + | Z | -30 | + | Z | UNC | |
Davenport IA (river) | ||||||||
Corn | -90 | + | Z | -90 | + | Z | UNC | |
Soy | -55 | + | X | -55 | + | X | UNC | |
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 | -10 | + | Z | -2 | + | Z | DN 8 | |
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 | -7 | + | Z | UNC | |
Council Bluffs, IA (elevator) | ||||||||
Corn | -30 | + | Z | -30 | + | Z | UNC | |
Soy | -58 | + | X | -58 | + | X | UNC | |
Des Moines IA soy | +40 | + | X | +100 | + | X | DN 60 | |
Sioux City IA soy | +85 | + | X | +100 | + | X | DN 15 |
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