US Cash Grains-Soy basis bids remain under pressure
CHICAGO, Aug 12 (Reuters) -Spot basis bids for soybeans were flat to lower at grain elevators and river terminals in the U.S. Midwest on Monday, spot checks showed, as the Department of Agriculture predicted production will reach an all-time high this autumn.
* The corn basis was mostly flat to lower, but rose slightly at an elevator in Council Bluffs, Iowa.
* Farmers have increased sales of last year's corn and soy harvests as favorable crop weather and large production estimates reduce expectations for grain prices that are near four-year lows.
* The U.S. Department of Agriculture raised its estimates for corn and soybean production from July in a monthly report.
* USDA kept weekly condition ratings for the corn and soybean crops unchanged in a separate weekly report. Corn was 60% in the dough stage of development, above the five-year average of 56%, while 72% of soybeans were setting pods, compared to the five-year average of 70%, according to USDA.
* Widespread rains across the Corn Belt this week should improve soil moisture and continue to favor corn and soy crops, weather forecaster Maxar said.
Basis values are quoted against CBOT futures in cents/bu:
Current | Previous | |||||||
ELEVATORS | Bid | Bid | ||||||
Chicago, Illinois | ||||||||
Corn processors | +14 | + | U | +14 | + | U | UNC | |
Corn elevators | -10 | + | U | -10 | + | U | UNC | |
Soybean elevators | +0 | + | U | +0 | + | U | UNC | |
Wheat elevators | -5 | + | U | -5 | + | U | UNC | |
Wheat processors | -10 | + | U | -10 | + | U | UNC | |
Decatur IL corn | -1 | + | Z | -1 | + | Z | UNC | |
Decatur IL soybeans | +30 | + | X | +30 | + | X | UNC | |
Burns Harbor IN corn | UNQ | UNQ | UNC | |||||
Burns Harbor IN soy | UNQ | UNQ | UNC | |||||
Lafayette IN soy | +30 | + | X | +40 | + | X | DN 10 | |
Toledo OH (port) | ||||||||
Corn | -27 | + | U | -27 | + | U | UNC | |
Soy | -10 | + | X | -10 | + | X | UNC | |
SRW wheat | -35 | + | U | -35 | + | U | UNC | |
Davenport IA (river) | ||||||||
Corn | -16 | + | U | -16 | + | U | UNC | |
Soy | -14 | + | X | -14 | + | X | UNC | |
Evansville IN (rail) | ||||||||
15-car CSX corn | -2 | + | U | -2 | + | U | UNC | |
Cincinnati OH (rail) | ||||||||
3-car corn | UNQ | UNQ | UNC | |||||
Hereford TX corn | +140 | + | U | +140 | + | U | UNC | |
Columbus OH (rail) | ||||||||
3-car corn | -8 | + | U | -8 | + | U | UNC | |
Morris IL (river) | ||||||||
Corn | -5 | + | U | -4 | + | U | DN 1 | |
Soybeans | +20 | + | X | +20 | + | X | UNC | |
Fort Worth TX corn | +140 | + | U | +140 | + | U | UNC | |
Blair NE corn | +15 | + | U | +20 | + | U | DN 5 | |
Council Bluffs, IA (elevator) | ||||||||
Corn | +20 | + | U | +18 | + | U | UP 2 | |
Soy | -5 | + | X | -5 | + | X | UNC | |
Des Moines IA soy | +10 | + | X | +15 | + | X | DN 5 | |
Sioux City IA soy | +0 | + | X | +0 | + | 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: 0#USCSHGRN-AM
For U.S. forward basis spreadsheets, please click on:
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 AM GRA/M
- U.S. CIF/FOB Gulf Grain GRA/F
Reporting by Tom Polansek; Editing by David Gregorio
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