US Cash Grains-Corn processor basis bids firm on spot demand
CHICAGO, Aug 22 (Reuters) -Basis bids for corn delivered to U.S. Midwest elevators and ethanol plants were mostly steady to weak on Thursday, while bids at other processors were mostly firmer as futures eased and end-users sought spot supplies, grain merchants said.
* Some corn offered premiums for grain arriving in the next few weeks ahead of the harvest.
* A corn processor in Cedar Rapids, Iowa, raised its spot basis bid by 6 cents a bushel on Wednesday. The bid for grain arriving by Sept. 3 was at a 36-cent premium to bids for grain arriving in early September.
* In Blair, Nebraska, a corn processor also lifted its spot bid by 5 cents, with bids for grain arriving before Sept. 6 at a 10-cent premium to full-September deliveries.
* Spot soybean basis bids were steady to lower at elevators and crush plants around the Midwest as buyers anticipated the upcoming harvest, which is forecast to be record large.
* Processing plants have good supplies on hand following recent farmer sales. A crusher in Decatur, Indiana, cut its spot bid by 5 cents a bushel on Thursday. Others have slashed spot bids by 20 cents or more this week.
* Market participants are monitoring this week's annual Pro Farmer crop tour to confirm large U.S. corn and soy yield potential that is bearish for prices. Scouts estimated a record corn yield in Illinois on Wednesday and the strongest soy crop potential since 2000, while western Iowa's crops were deemed mostly above-average. The tour will wrap up on Thursday with more Iowa results and findings from Minnesota.
Basis values are quoted against CBOT futures in cts/bushel:
ELEVATORS | |||||||||
CORN | SOYBEANS | ||||||||
CINCINNATI OH | -25 | + | U | UNC | -31 | + | X | DN 1 | |
BURNS HARBOR IN | UNQ | UNC | UNQ | UNC | |||||
DECATUR IN | UNQ | UNC | |||||||
DES MOINES IA | UNQ | UNC | |||||||
LINCOLN NE | +0 | + | U | UNC | |||||
PROCESSORS | |||||||||
CORN | SOYBEANS | ||||||||
DECATUR IL | -18 | + | Z | UNC | +20 | + | X | UNC | |
DECATUR IN | +0 | + | X | DN 5 | |||||
MORRISTOWN IN | +20 | + | X | UNC | |||||
LAFAYETTE IN | +30 | + | X | UNC | |||||
CEDAR RAPIDS IA | +24 | + | U | UP 6 | +0 | + | X | UNC | |
COUNCIL BLUFFS IA | -5 | + | X | UNC | |||||
LINCOLN NE | +10 | + | X | UNC | |||||
BLAIR NE | +25 | + | U | UP 5 | |||||
RIVER TERMINALS | |||||||||
CORN | SOYBEANS | ||||||||
TOLEDO OH | -40 | + | U | UNC | -20 | + | X | UNC | |
SENECA IL | -15 | + | U | UNC | -25 | + | X | UNC | |
SAVANNA IL | -11 | + | U | UNC | -51 | + | X | UNC | |
DAVENPORT IA | -20 | + | U | UNC | -40 | + | X | DN 10 | |
ETHANOL PLANTS | |||||||||
LINDEN IN | -12 | + | U | UNC | |||||
UNION CITY IN | -32 | + | U | DN 4 | |||||
ANNAWAN IL | -8 | + | U | UNC | |||||
COUNCIL BLUFFS IA | +8 | + | U | UNC | |||||
SRW WHEAT | |||||||||
TOLEDO OH | -35 | + | U | UNC | |||||
CINCINNATI OH | UNQ | UNC | |||||||
DECATUR IN | UNQ | 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 Karl Plume; Editing by Rod Nickel
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