Nov 19 (Reuters) - Corn spot basis bids were firm at U.S.
Midwest river terminals early on Tuesday, bolstered by lower
barge freight rates and a drop in futures to fresh three-year
lows that made the grain more competitive in global export
markets, dealers said.
* Soybean bids also firmed along the Illinois River, while
the soy basis gained at Iowa processors but eased at an elevator
in northern Ohio.
* Farmer sales of each commodity were very light, with the
harvest nearly done and the slow sales pace providing additional
support to the corn and soybean basis.
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* But corn bids eased 5 cents per bushel at a large
processor and ethanol plant in Blair, Nebraska. Some grain
merchants reported a modest spike in corn sales in the wake of
the Environmental Protection Agency's proposal last week to
reduce the ethanol mandate for the first time since the law's
inception in 2007.
* Still, strong ethanol margins have many makers of the
biofuel eager to continue buying corn and producing the
grain-based fuel additive.
* Dry weather into midweek will allow a rapid windup of corn
and soybean harvesting in most areas of the Midwest, followed by
widespread rainfall later in the week, an agricultural
meteorologist said.
Basis values are quoted against CBOT futures in cts/bu:
CORN SOYBEANS
CINCINNATI OH -15 + Z UNC -22 + F UNC
BURNS HARBOR IN -24 + Z UNC -20 + F UNC
DECATUR IN -20 + Z UP 5
DES MOINES IA -30 + F DN 10
LINCOLN NE -8 + Z UNC
PROCESSORS
CORN SOYBEANS
DECATUR IL +10 + Z UNC +15 + F UNC
DECATUR IN +3 + F UNC
MORRISTOWN IN +0 + F UNC
LAFAYETTE IN +7 + F UNC
CEDAR RAPIDS +23 + Z UNC -7 + F UP 8
COUNCIL BLUFFS IA -5 + F UNC
LINCOLN NE +0 + F UNC
BLAIR NE +0 + Z DN 5
RIVER TERMINALS
CORN SOYBEANS
TOLEDO OH -20 + Z UP 4 +10 + F DN 5
SENECA IL -15 + Z UP 7 +7 + F UNC
SAVANNA IL -9 + Z UNC +4 + F UP 4
DAVENPORT IA +0 + Z UP 2 +0 + F UNC
ETHANOL PLANTS
LINDEN IN -10 + Z UNC
UNION CITY IN -15 + Z UNC
ANNAWAN IL +4 + Z UNC
COUNCIL BLUFFS IA -8 + Z UNC
SRW WHEAT
TOLEDO -30 + Z UNC
CINCINNATI -30 + Z UNC
DECATUR IN -10 + Z UNC
BURNS HARBOR -35 + Z UNC
NOTES: 0 = Option price, UNC = Unchanged, UNQ = Unquoted,
NC = Not comparable, DP = Delayed Price, Z = December,
F = January, H = March
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LINKS:
For U.S. forward basis spreadsheets, please double-click on:
- CBOT corn report
- CBOT soybean report
- CBOT wheat report
- U.S. grain barge freight values
- U.S. Midwest cash grain PM
- U.S. CIF Gulf Grain
- U.S. FOB Gulf Grain
(Reporting by Michael Hirtzer in Chicago; Editing by John
Wallace)
U.S. Cash Grains-Corn firm on river, soy mixed
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