Nov 18 (Reuters) - Spot cash basis bids for corn firmed at
processor and river terminals in the eastern U.S. Midwest on
Monday, reflecting a lack of farmer offerings, grain dealers
* Soybean basis bids were little changed after falling in
several locations on Friday.
* Producers continued to store most of their freshly
harvested corn and hold out for higher prices, eyeing premiums
for deferred Chicago Board of Trade futures contracts.
* Monday's plunge in most CBOT corn contracts to
life-of-contract lows added to their reluctance to sell.
* One cash grain broker said of the projected record-large
U.S. corn harvest: "It's there, but you can't touch it."
* An exception to the firm trend was Blair, Nebraska, where
the corn basis fell by 5 cents.
* After the close, the USDA said the U.S. corn harvest was
91 percent complete, up from 84 percent a week earlier and ahead
of the five-year average of 86 percent.
* USDA said the soybean harvest was 95 percent finished, up
from 91 percent the previous week and near the five-year average
of 96 percent.
* USDA rated 63 percent of the U.S. winter wheat crop as
good to excellent, down from 65 percent a week earlier.
* At the CBOT, corn futures fell to a fresh three-year
low on a proposal to lower the use of corn-based ethanol in the
United States and news China rejected a cargo of U.S. corn which
contained a genetically modified variety not approved for
* CBOT soybeans rose on bargain buying after a selloff
on Friday and on a big number for soybeans in the USDA's weekly
export inspections report.
* CBOT wheat turned down in sympathy with corn.
Basis values are quoted against CBOT futures in cts/bu:
Corn processors +14 + Z +8 + Z UP 6
Corn elevators -5 + Z -5 + Z UNC
Soybean elevators +5 + F +5 + F UNC
Wheat elevators +0 + Z +0 + Z UNC
Wheat processors -10 + Z -10 + Z UNC
Decatur, IL corn +10 + Z +10 + Z UNC
Decatur, IL soybeans +15 + F +15 + F UNC
Burns Harbor, IN corn -24 + Z -24 + Z UNC
Burns Harbor, IN soy -20 + F -20 + F UNC
Lafayette, IN soy +7 + F +7 + F UNC
Toledo, OH (port)
Corn -17 + Z -20 + Z UP 3
Soy +15 + F +15 + F UNC
SRW wheat -13 + Z -13 + Z UNC
Davenport, IA (river)
Corn +0 + Z -2 + Z UP 2
Soy +0 + F +0 + F UNC
Evansville, IN (rail)
15-car CSX corn +3 + Z +3 + Z UNC
Cincinnati, OH (rail)
3-car corn -5 + Z -5 + Z UNC
Hereford, TX corn +95 + Z +95 + Z UNC
Columbus, OH (rail)
3-car corn -5 + Z -5 + Z UNC
Morris, IL (river)
Corn -15 + Z -22 + Z UP 7
Soybeans +7 + F +7 + F UNC
Fort Worth, TX corn +125 + Z +125 + Z UNC
Blair, NE corn +0 + Z +5 + Z DN 5
Council Bluffs, IA (elevator)
Corn -15 + Z -15 + Z UNC
Soy -15 + F -12 + F DN 3
Des Moines, IA soy -30 + X -30 + X UNC
Sioux City, IA soy -15 + F -15 + F UNC
NOTE: 0 = option price, UNC = Unchanged, UNQ = Unquoted,
NC = Not comparable, DP = Delayed Price, X = November,
Z = December
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 Julie Ingwersen, editing by G Crosse)