US Cash Grains-Soy basis slips, corn mostly steady as farmers sell
CHICAGO, May 7 (Reuters) -Spot basis bids for soybeans fell while corn bids were steady to lower on Tuesday as a rally in corn and soybean prices that started on the previous day sparked a flurry of farmer selling.
* CBOT soybean futures rallied on Monday and Tuesday on concerns over adverse weather in Brazil harming the country's soybean harvest. GRA/
* CBOT July soybean futures SN24 surpassed $12.30 a bushel on Monday and Tuesday, a price that was awaited by farmers before they sold, analysts said. The contract then pulled back on Tuesday after hitting its highest price since January at $12.56-1/2 a bushel.
* The soy basis weakened at two Midwestern river terminals and an Iowa processor.
* The corn basis weakened by 5 cents at an Ohio elevator.
* Farmers continued to plant corn and soy in between rain showers in the U.S. Midwest, although seeding progress in the past week was below expectations, U.S. Department of Agriculture data showed.
* The agency reported the corn crop was 36% planted as of May 5, up from 27% the previous week but short of the average analyst estimate of 39% complete.
* U.S. soybeans were 25% planted as of Sunday, lower than the average analyst estimate of 28% complete.
Basis values are quoted against CBOT futures in cts/bu:
ELEVATORS | |||||||||
CORN | SOYBEANS | ||||||||
CINCINNATI OH | -7 | + | N | DN 5 | +0 | + | N | UNC | |
BURNS HARBOR IN | UNQ | UNC | UNQ | UNC | |||||
DECATUR IN | UNQ | UNC | |||||||
DES MOINES IA | UNQ | UNC | |||||||
LINCOLN NE | -13 | + | N | UNC | |||||
PROCESSORS | |||||||||
CORN | SOYBEANS | ||||||||
DECATUR IL | -2 | + | N | UNC | +1 | + | N | UNC | |
DECATUR IN | +0 | + | N | UNC | |||||
MORRISTOWN IN | +10 | + | N | UNC | |||||
LAFAYETTE IN | -5 | + | N | UNC | |||||
CEDAR RAPIDS IA | +12 | + | N | UNC | -10 | + | N | DN 5 | |
COUNCIL BLUFFS IA | -20 | + | N | UNC | |||||
LINCOLN NE | -20 | + | N | UNC | |||||
BLAIR NE | +12 | + | N | UNC | |||||
RIVER TERMINALS | |||||||||
CORN | SOYBEANS | ||||||||
TOLEDO OH | -35 | + | N | UNC | -40 | + | N | UNC | |
SENECA IL | -10 | + | N | UNC | -12 | + | N | DN 2 | |
SAVANNA IL | -15 | + | N | UNC | -41 | + | N | UNC | |
DAVENPORT IA | -12 | + | N | UNC | -18 | + | N | DN 3 | |
ETHANOL PLANTS | |||||||||
LINDEN IN | +5 | + | N | UNC | |||||
UNION CITY IN | -5 | + | N | UNC | |||||
ANNAWAN IL | -10 | + | N | UNC | |||||
COUNCIL BLUFFS IA | +10 | + | N | UNC | |||||
SRW WHEAT | |||||||||
TOLEDO OH | -50 | + | N | UNC | |||||
CINCINNATI OH | UNQ | UNC | |||||||
DECATUR IN | -80 | + | N | 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 Heather Schlitz in Chicago
Editing by Matthew Lewis
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