U.S. Cash Grains-Basis bids steady; weather stalls planting progress

May 1 (Reuters) – Spot basis bids for corn and soybeans held steady at processors and elevators around the U.S. Midwest early on Thursday as lower Chicago Board of Trade futures pressured cash prices, dealers said.

* Weaker CBOT corn and soybean prices early on Thursday kept farmers uninterested in selling crops, grain merchants said.

* Planting progress remains slow as cool temperatures and wet conditions largely keep farmers out of the fields, dealers said.

* Farmers checked equipment and worked on other pre-planting chores in areas of the Eastern Corn Belt where rain or damp fields kept them from planting, Ohio and Indiana dealers said.

* In the Western Corn Belt, some farmers began to plant soybean crops early in the week but were also forced out of the fields by wet weather, a dealer in western Iowa said.

* Weather conditions may improve by the weekend allowing some farmers to return to the fields, dealers said.

* Several dealers rolled basis bids to the Chicago Board of Trade July contract, from the May contract.

* A corn bids eased by 1 cent per bushel at an Illinois ethanol plant.

* Agribusiness giant Bunge Ltd posted a first-quarter net loss on Thursday on losses in its grain trading and distribution business and poor oilseed processing margins in China.

Basis values are quoted against CBOT futures in cts/bu:
                    CORN                  SOYBEANS          
 CINCINNATI OH        -11  +  N  NC       +30      +  N  NC
 BURNS HARBOR IN      -20  +  N  NC       -10      +  N  NC
 DECATUR IN           -30  +  N  UNC                        
 DES MOINES IA                            UNQ            UNC
 LINCOLN NE           -22  +  N  NC                      
                                                            
 PROCESSORS                                                 
                    CORN                  SOYBEANS          
 DECATUR IL           +10  +  N  NC       +35      +  N  UNC
 DECATUR IN                               +55      +  N  UNC
 MORRISTOWN IN                            +50      +  N  NC
 LAFAYETTE IN                             +40      +  K  UNC
 CEDAR RAPIDS IA       +1  +  N  UNC       +5      +  N  NC
 COUNCIL BLUFFS IA                         +7      +  N  UNC
 LINCOLN NE                                +3      +  N  UNC
	
BLAIR NE -5 + K UNC RIVER TERMINALS CORN SOYBEANS TOLEDO OH -23 + N UNC +27 + N UNC SENECA IL +4 + K UP 1 +2 + K UNC SAVANNA IL -4 + K UNC -8 + K UNC DAVENPORT IA -6 + N NC +7 + N NC ETHANOL PLANTS LINDEN IN -3 + K UNC UNION CITY IN -8 + N UNC ANNAWAN IL -3 + N DN 1 COUNCIL BLUFFS IA -14 + N UNC SRW WHEAT TOLEDO OH -8 + N UNC CINCINNATI OH -25 + N UNC DECATUR IN -15 + N UNC BURNS HARBOR IN -25 + N UNC NOTES: 0 = Option price, UNC = Unchanged, UNQ = Unquoted, NC = Not comparable, DP = Delayed Price, K = May, N = July --------------------------------------------------------------- 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 Meredith Davis in Chicago; Editing by Marguerita Choy)

About the author

Comments

explore

Stories from our other publications