Jan 10 (Reuters) - Corn spot basis bids fell at several
large U.S. Midwest processing plants on Friday as a rally tied
to a government crop report sparked the first significant round
of farmer selling so far this year, grain merchants said.
* Bids fell 7 cents per bushel to the lowest level in about
a month at a closely watched processor in Blair, Nebraska, and
also declined in Decatur, Illinois; a processor near Chicago and
an elevator in western Iowa.
* The sales came as the U.S. Agriculture Department
unexpectedly reduced the size of last year's corn crop in the
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agency's final production forecast for the 2013/14 marketing
season. Analysts widely expected USDA to increase the size of
the crop, and the Chicago Board of Trade futures rose the
most since April after the release.
* Growers sold small amounts of their corn harvest before
the report came out at midday and kept selling as futures jumped
as much as 5 percent. Dealers at a large processor in central
Iowa said the sales helped the location extend coverage through
the next 10 days.
* Soybean spot basis bids eased at a processor in Sioux
City, Iowa, and held mostly steady elsewhere as futures rallied
but not enough to spark significant sales.
Basis values are quoted against CBOT futures in cts/bu:
Current Previous
Bid Bid
Chicago, Illinois
Corn processors +0 + H +2 + H DN 2
Corn elevators -5 + H -5 + H UNC
Soybean elevators +0 + F +0 + F UNC
Wheat elevators +10 + H +10 + H UNC
Wheat processors +10 + H +10 + H UNC
Decatur IL corn +12 + H +18 + H DN 6
Decatur IL soybeans +35 + H +35 + H UNC
Burns Harbor IN corn -17 + H -17 + H UNC
Burns Harbor IN soy -8 + H -8 + H UNC
Lafayette IN soy +35 + H +35 + H UNC
Toledo OH (port)
Corn -14 + H -14 + H UNC
Soy +12 + H +12 + H UNC
SRW wheat -10 + H -10 + H UNC
Davenport IA (river)
Corn -3 + H -3 + H UNC
Soy -8 + H -8 + H UNC
Evansville IN (rail)
15-car CSX corn +8 + H +8 + H UNC
Cincinnati OH (rail)
3-car corn -1 + H -1 + H UNC
Hereford TX corn +102 + H +102 + H UNC
Columbus OH (rail)
3-car corn -1 + H -1 + H UNC
Morris IL (river)
Corn -15 + H -15 + H UNC
Soybeans +29 + H +29 + H UNC
Fort Worth TX corn +113 + H +113 + H UNC
Blair NE corn -2 + H +5 + H DN 7
Council Bluffs, IA (elevator)
Corn -8 + H -5 + H DN 3
Soy -5 + H -8 + H UP 3
Des Moines IA soy UNQ UNQ UNC
Sioux City IA soy -18 + H -15 + H DN 3
NOTE: 0 = option price, UNC = Unchanged, UNQ = Unquoted,
NC = Not comparable, DP = Delayed Price, H = March
----------------------------------------------------------------
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 Bernard
Orr and David Gregorio)
U.S. Cash Grains-Corn basis drops after rally spurs sales
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