US Cash Grains-Soybean basis softens; corn mixed
CHICAGO, July 23 (Reuters) -Spot basis bids for soybeans weakened at several U.S. Midwest soy crushing plants on Tuesday as Chicago Board of Trade soybean futures hit two-week highs, enticing farmer sales, while crop ratings supported expectations of a large 2024 harvest, merchandisers said.
* The soybean basis tumbled by 20 cents a bushel at a Decatur, Indiana processor and by 5 to 10 cents at crushing sites in Morristown, Indiana, and Cedar Rapids, Iowa.
* Several soy processors have rolled their spot basis to the CBOT November soybean futures SX24 contract.
* Corn basis bids were mixed. The basis fell at a Cincinnati, Ohio, elevator and an ethanol plant in Linden, Indiana, but bids firmed by 1 to 3 cents a bushel at Midwest river elevators, typically a reflection of demand from exporters at the U.S. Gulf.
* The U.S. Department of Agriculture (USDA) confirmed private sales of 200,000 metric tons of new-crop corn to undisclosed destinations, its second corn sales announcement in as many days.
* The USDA on Monday rated 67% of the U.S. corn crop in good to excellent condition, down one percentage point from last week, while analysts on average had expected no change. The government rated 68% of the soybean crop as good to excellent, unchanged from the previous week and in line with trade expectations.
* The ratings for both crops are the highest for this time of year since 2020, signaling strong production prospects. Yet some brokers were monitoring forecasts for hot weather next week that could stress soybeans as they enter their key pod-setting phase.
* CBOT corn and soybean futures rose on Tuesday on short-covering and uncertainty about weather-related impacts on U.S. crops, analysts said. GRA/
Basis values are quoted against CBOT futures in cts/bushel:
ELEVATORS | |||||||||
CORN | SOYBEANS | ||||||||
CINCINNATI OH | +4 | + | U | DN 4 | +15 | + | Q | DN 8 | |
BURNS HARBOR IN | UNQ | UNC | UNQ | UNC | |||||
DECATUR IN | UNQ | UNC | |||||||
DES MOINES IA | UNQ | UNC | |||||||
LINCOLN NE | +10 | + | U | UNC | |||||
PROCESSORS | |||||||||
CORN | SOYBEANS | ||||||||
DECATUR IL | +18 | + | U | UNC | +35 | + | Q | UNC | |
DECATUR IN | +50 | + | X | DN 20 | |||||
MORRISTOWN IN | +70 | + | X | DN 5 | |||||
LAFAYETTE IN | +25 | + | Q | UNC | |||||
CEDAR RAPIDS IA | +22 | + | U | UNC | +50 | + | X | DN 10 | |
COUNCIL BLUFFS IA | +45 | + | X | UNC | |||||
LINCOLN NE | +35 | + | X | UNC | |||||
BLAIR NE | +37 | + | U | UNC | |||||
RIVER TERMINALS | |||||||||
CORN | SOYBEANS | ||||||||
TOLEDO OH | -37 | + | U | UNC | +32 | + | X | NC | |
SENECA IL | +3 | + | U | UP 1 | +15 | + | Q | UNC | |
SAVANNA IL | -16 | + | U | UNC | -21 | + | Q | UNC | |
DAVENPORT IA | +0 | + | U | UP 3 | +0 | + | Q | DN 3 | |
ETHANOL PLANTS | |||||||||
LINDEN IN | +0 | + | U | DN 2 | |||||
UNION CITY IN | -14 | + | U | UNC | |||||
ANNAWAN IL | +2 | + | U | UNC | |||||
COUNCIL BLUFFS IA | +28 | + | U | UNC | |||||
SRW WHEAT | |||||||||
TOLEDO OH | -35 | + | U | UNC | |||||
CINCINNATI OH | UNQ | UNC | |||||||
DECATUR IN | -65 | + | U | 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
--------------------------------------------------------
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 Julie Ingwersen, Editing by William Maclean
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