US Cash Grains-Corn bids mostly firm, soy basis mixed
CHICAGO, June 26 (Reuters) -Spot basis bids for corn were steady to firmer in the U.S. Midwest on Wednesday as Chicago Board of Trade futures hovered near multi-month lows, discouraging farmer sales into grain marketing channels, dealers said.
* Basis bids for soybeans were mixed as more locations rolled their basis to the CBOT August SQ24 futures contract, as the CBOT July contract SN24 nears its expiration.
* At Decatur, Illinois, a key processing hub, the soybean basis moved to 50 cents over the CBOT August futures contract, compared to 20 cents over the July contract a day ago. The 30-cent jump is more than the 22-cent spread between the two futures contracts, in effect raising the cash soybean bid.
* However, the soybean basis softened by 5 cents at a Cedar Rapids, Iowa, crushing site.
* Swathes of the northwestern Midwest have been hit by floods, which have damaged fields and forced some farmers to replant, while other areas have contended with a heat wave.
* Buyers in regions that have been impacted by flooding are increasing basis bids, an analyst said. Meanwhile, flooding on rail lines has backed up grain movement and weighed on basis values in other areas, an analyst said.
* Wet weather is expected to continue in most of the U.S. Midwest, an analyst note said. Some analysts say the extra rain may help replenish moisture that was lost during the previous week's heat wave.
* Market players await Friday's USDA acreage and quarterly stocks reports, which have a history of jolting CBOT futures.
* At midday, Chicago Board of Trade (CBOT) August soybeans SQ24 were down 1 cent at $11.44-1/2 per bushel while September corn futures CU24 were down 4-1/2 cents t $4.27-1/4 a bushel after hitting a life-of-contract low at $4.27.
Basis values are quoted against CBOT futures in cts/bushel:
ELEVATORS | |||||||||
CORN | SOYBEANS | ||||||||
CINCINNATI OH | +3 | + | N | UNC | +5 | + | N | UNC | |
BURNS HARBOR IN | UNQ | UNC | UNQ | UNC | |||||
DECATUR IN | UNQ | UNC | |||||||
DES MOINES IA | UNQ | UNC | |||||||
LINCOLN NE | +0 | + | N | UNC | |||||
PROCESSORS | |||||||||
CORN | SOYBEANS | ||||||||
DECATUR IL | +12 | + | U | NC | +50 | + | Q | NC | |
DECATUR IN | +30 | + | Q | UNC | |||||
MORRISTOWN IN | +30 | + | Q | UNC | |||||
LAFAYETTE IN | +5 | + | N | UNC | |||||
CEDAR RAPIDS IA | +26 | + | N | UNC | +5 | + | N | DN 5 | |
COUNCIL BLUFFS IA | +10 | + | Q | UNC | |||||
LINCOLN NE | -10 | + | Q | UNC | |||||
BLAIR NE | +35 | + | N | UP 2 | |||||
RIVER TERMINALS | |||||||||
CORN | SOYBEANS | ||||||||
TOLEDO OH | -40 | + | N | UNC | -18 | + | Q | NC | |
SENECA IL | +1 | + | N | UP 5 | +8 | + | N | UP 18 | |
SAVANNA IL | -16 | + | N | UNC | -36 | + | N | UNC | |
DAVENPORT IA | -7 | + | N | UNC | -2 | + | N | UNC | |
ETHANOL PLANTS | |||||||||
LINDEN IN | +5 | + | N | UP 3 | |||||
UNION CITY IN | -12 | + | N | UNC | |||||
ANNAWAN IL | -4 | + | N | UP 2 | |||||
COUNCIL BLUFFS IA | +10 | + | U | NC | |||||
SRW WHEAT | |||||||||
TOLEDO OH | -20 | + | N | UNC | |||||
CINCINNATI OH | UNQ | UNC | |||||||
DECATUR IN | -55 | + | N | UNC | |||||
BURNS HARBOR IN | UNQ | UNC |
NOTE: 0 = option price, UNC = Unchanged, UNQ = Unquoted
NC = Not comparable, DPI = 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: 0#USCSHGRN-PM
For U.S. forward basis spreadsheets, please click:
CORN/BASIS, SOYA/BASIS, WHEAT/BASIS, MILO/BASIS
- 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 PM GRA/PM
- U.S. CIF/FOB Gulf Grain GRA/F
Reporting by Heather Schlitz; Editing by Kevin Liffey
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