US Cash Grains-Corn basis firms; soy basis bids roll to January futures
CHICAGO, Nov 1 (Reuters) -Basis bids for corn strengthened at several U.S. Midwest processing sites and river elevators on Friday as the harvest wound down and rains slowed field work in a few areas, slowing the movement of grain into marketing channels, brokers said.
* The corn basis improved by 2 to 6 cents a bushel at processing facilities in Decatur, Illinois; Blair, Nebraska, and Cedar Rapids, Iowa.
* Lower barge freight costs helped lift the basis at elevators along Midwest rivers where grain is loaded onto barges for shipment toward Gulf export terminals. The corn basis jumped by 14 cents a bushel at Seneca, Illinois, on the Illinois River, and by 9 cents at Davenport, Iowa, on the Mississippi River.
* Empty barges on the Mississippi River at St. Louis were offered on Thursday at 800% of tariff, down 25 percentage points from the previous day. Increased shower activity over the next two weeks was expected to help lift low water levels on the Mississippi River, aiding barge movement. BG/US
* Soybean basis bids firmed at several crushing sites as processors rolled their basis bids to the Chicago Board of Trade January SF25 futures contract.
* For example, the CBOT January soybean contract SF25 is trading at a roughly 11-cent premium to the November SX24 contract, which expires on Nov. 14. Yet a crushing plant in Cedar Rapids, Iowa, left its soybean basis unchanged on the roll to January futures, in effect raising the flat price.
* One exception to the firm overall trend was Decatur, Illinois, a processing hub, where the soybean basis weakened by a penny.
* On the Chicago Board of Trade at mid-session, December corn CZ24 was up 2 cents at $4.12-3/4 a bushel while January soybeans SF25 were down 3-1/2 cents at $9.91. GRA/
Basis values are quoted against CBOT futures in cts/bushel:
ELEVATORS | |||||||||
CORN | SOYBEANS | ||||||||
CINCINNATI OH | -24 | + | Z | UP 6 | -23 | + | X | UP 2 | |
BURNS HARBOR IN | UNQ | UNC | UNQ | UNC | |||||
DECATUR IN | UNQ | UNC | |||||||
DES MOINES IA | UNQ | UNC | |||||||
LINCOLN NE | -25 | + | Z | UNC | |||||
PROCESSORS | |||||||||
CORN | SOYBEANS | ||||||||
DECATUR IL | -10 | + | Z | UP 6 | +5 | + | F | DN 1 | |
DECATUR IN | -15 | + | F | UP 5 | |||||
MORRISTOWN IN | -15 | + | F | UNC | |||||
LAFAYETTE IN | -10 | + | F | NC | |||||
CEDAR RAPIDS IA | -15 | + | Z | UP 2 | -25 | + | F | NC | |
COUNCIL BLUFFS IA | -35 | + | F | UNC | |||||
LINCOLN NE | -20 | + | F | NC | |||||
BLAIR NE | -5 | + | Z | UP 5 | |||||
RIVER TERMINALS | |||||||||
CORN | SOYBEANS | ||||||||
TOLEDO OH | -30 | + | Z | UNC | -40 | + | F | UNC | |
SENECA IL | -14 | + | Z | UP 14 | -6 | + | F | NC | |
SAVANNA IL | -46 | + | Z | UNC | -61 | + | X | UNC | |
DAVENPORT IA | -25 | + | Z | UP 9 | -22 | + | F | NC | |
ETHANOL PLANTS | |||||||||
LINDEN IN | -20 | + | Z | UNC | |||||
UNION CITY IN | -5 | + | Z | UP 5 | |||||
ANNAWAN IL | -25 | + | Z | UP 10 | |||||
COUNCIL BLUFFS IA | -24 | + | Z | UP 3 | |||||
SRW WHEAT | |||||||||
TOLEDO OH | -20 | + | H | UNC | |||||
CINCINNATI OH | UNQ | UNC | |||||||
DECATUR IN | -50 | + | N | NC | |||||
BURNS HARBOR IN | UNQ | 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-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 Jane Merriman
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