May 21 (Reuters) – Corn spot basis bids were mostly steady to higher at elevators, processors and ethanol plants around the U.S. Midwest in quiet trade early on Wednesday, dealers said.
* An eastern Iowa processor and an western Iowa ethanol plant increased corn bids in an effort to entice farmers to sell, dealers at the location said.
* A soybean spot basis bid rose by 8 cents per bushel at a eastern Iowa processor as available crushing supplies were constrained, a dealer said. Otherwise, soy bids at elevators and processors held steady.
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* Soybean bids on Midwest river ways were narrowly mixed, dealers said.
* Some farmers sold old-crop soybeans on Tuesday in a Chicago Board of Trade soybean futures rally. But new-crop sales were slow as farmers had a target price of about $12.30 per bushel for new-crop soybeans, a dealer said.
* Scattered severe thunderstorms were predicted for southern portions of the Midwest on Wednesday after some northern areas saw storms overnight, according to the National Weather Service.
* Wet field conditions kept farmers from planting early on Wednesday in the Eastern Corn Belt. Many fields in the Western Corn Belt were also too wet for farmers to resume planting, dealers said.
* Dealers in western Indiana noted brisk truck deliveries of previously contracted grain as farmers took time to coordinate grain shipments since they were unable to plant, a dealer said.
Basis values are quoted against CBOT futures in cts/bu:
CORN SOYBEANS
CINCINNATI OH -10 + N UNC +40 + N UNC
BURNS HARBOR IN -15 + N UNC +30 + N UNC
DECATUR IN -20 + N UNC
DES MOINES IA UNQ UNC
LINCOLN NE -19 + N UNC
PROCESSORS
CORN SOYBEANS
DECATUR IL +14 + N UNC +45 + N UNC
DECATUR IN +65 + N UNC
MORRISTOWN IN +55 + N UNC
LAFAYETTE IN +60 + N UNC
CEDAR RAPIDS IA +16 + N UP 6 +25 + N UP 8
COUNCIL BLUFFS IA +20 + N UNC
LINCOLN NE +5 + N UNC
BLAIR NE -7 + N UNC
RIVER TERMINALS
CORN SOYBEANS
TOLEDO OH -17 + N UNC +30 + N UNC
SENECA IL -2 + N DN 1 +13 + N DN 2
SAVANNA IL -5 + N UNC +11 + N UNC
DAVENPORT IA +0 + N UNC +13 + N UP 1
ETHANOL PLANTS
LINDEN IN -5 + N UNC
UNION CITY IN -2 + N UNC
ANNAWAN IL +3 + N UNC
COUNCIL BLUFFS IA -5 + N UP 5
SRW WHEAT
TOLEDO OH -8 + N UNC
CINCINNATI OH -10 + N UNC
DECATUR IN -15 + N UNC
BURNS HARBOR IN -20 + N UNC
NOTES: 0 = Option price, UNC = Unchanged, UNQ = Unquoted,
NC = Not comparable, DP = Delayed Price, N = July
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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 Meredith Davis in Chicago; Editing by Paul Simao)
