Dec 24 (Reuters) - Corn cash basis bids were steady to
higher at U.S. Midwest processors and ethanol plants early on
Tuesday, supported by a slow pace of farmer sales and deliveries
in addition to a downturn in futures, dealers said.
* Chicago Board of Trade corn futures declined
narrowly and were on pace to snap a three-session streak of
gains. The lower futures kept a lid on the already slow pace of
sales from farmers and commercial elevators.
* Growers were deferring taxable income to 2014 and hoped to
sell at higher prices in the new year. Strong profit margins for
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ethanol makers also supported the basis even as the carry in
corn futures encouraged farmers to store their grain.
* Soybean bids were steady to weak, pressured by more active
farmer sales in recent weeks. Soybean futures remained
inverted, encouraging spot sales and farmers, on average, have
sold a larger portion of this year's soy harvest than their corn
harvest, the dealers said.
* Many elevators were closed on Tuesday and will remain
shuttered on Wednesday in observance of the Christmas holiday.
However, some processors were eager for spot deliveries of corn
as some growers delayed delivering the grain amid bitter cold
temperatures in much of the Midwest.
* U.S. soybean and corn futures were little changed in thin
pre-Christmas trading, with the market assessing weather
forecasts calling for rain in South America that could alleviate
dryness in some corn and soy belts.
Basis values quoted against CBOT futures in cents/bushel:
CORN SOYBEANS
CINCINNATI OH -11 + H UNC -5 + F UNC
BURNS HARBOR IN -20 + H UNC -20 + F UNC
DECATUR IN -15 + H UNC
DES MOINES IA UNQ UNC
LINCOLN NE -18 + H UNC
PROCESSORS
CORN SOYBEANS
DECATUR IL +2 + H UP 2 +10 + F UNC
DECATUR IN -9 + F UNC
MORRISTOWN IN -2 + F UNC
LAFAYETTE IN +5 + F UNC
CEDAR RAPIDS IA +15 + H UNC -27 + F UNC
COUNCIL BLUFFS IA -30 + F UNC
LINCOLN NE -20 + F UNC
BLAIR NE +2 + H UNC
RIVER TERMINALS
CORN SOYBEANS
TOLEDO OH -14 + H UNC -5 + F DN 5
SENECA IL -18 + H UNC +7 + F DN 1
SAVANNA IL -1 + H UP 14 +0 + H DN 5
DAVENPORT IA -4 + H UNC -8 + H UNC
ETHANOL PLANTS
LINDEN IN -8 + H UNC
UNION CITY IN +0 + H UNC
ANNAWAN IL +4 + H UP 6
COUNCIL BLUFFS IA -8 + H UP 2
SRW WHEAT
TOLEDO OH -20 + H UNC
CINCINNATI OH -42 + H UNC
DECATUR IN -10 + H UNC
BURNS HARBOR IN -47 + H UNC
NOTES: 0 = Option price, UNC = Unchanged, UNQ = Unquoted,
NC = Not comparable, DP = Delayed Price, F = January, 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 Chris
Reese)
U.S. Cash Grains-Corn bids firm on slow farmer sales; soy weak
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