US Cash Grains-Corn bids steady to higher at Midwest processors

Reuters

Jul 3, 2024 at 4:30 pm GMT

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CHICAGO, July 3 (Reuters) -Spot basis bids for corn were steady to higher at processors in the U.S. Midwest on Wednesday, spot checks showed.

* Dealers are trying to encourage more farmer selling during a time when growers are keeping crops in storage due to low prices.

* The corn basis increased at an elevator in Cincinnati, Ohio; an ethanol plant in Linden, Indiana; and a processor in Blair, Nebraska.

* The soy basis rose at the Cincinnati elevator, but fell at a processor in Morristown, Indiana.

* Soy demand was solid from U.S. crushers, according to analysts.

* Periodic rain in the U.S. Midwest will support good crop development in corn over the next week, said analysts.

* Dealers have rolled their corn basis to the CBOT September CU24 futures contract and the soy basis to the CBOT August SQ24 futures contract.

Basis values are quoted against CBOT futures in cts/bushel:

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 Renee Hickman
Editing by Chris Reese

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