U.S. Cash Grains-Corn bids firm on slow sales, soy flat

Nov 13 (Reuters) - Corn cash basis bids were steady to
higher around the U.S. Midwest on Wednesday, supported by slow
sales as farmers put freshly harvested bushels in storage in the
hopes of selling at higher prices later, grain merchants said.
    * Soybean bids eased 5 cents per bushel at an elevator in
Des Moines, Iowa, following a spike in sales in recent days
after cash prices rose above the psychological threshold of $13
per bushel at several processors and elevators.
    * Inverted soybean futures , compared to the carry in
corn futures , also encouraged immediate sales as farmers
	
could fetch more for their beans now than in January. * Corn sales that increased early this week amid a bounce in futures have since slowed even as strong profit margins at ethanol plants and strong export demand bolstered bids in the cash market. * The corn basis gained as much as 7 cents per bushel on the mid-Mississippi River in Davenport, Iowa, and also firmed at a northern Indiana elevator and rail terminals in the eastern Midwest. * U.S. Agriculture Department data late on Tuesday showed the corn harvest at 84 percent complete and the soybean harvest 91 percent done, with each roughly in line with the five-year average. Basis values are quoted against CBOT futures in cts/bu: Current Previous Bid Bid Chicago, Illinois Corn processors +8 + Z +10 + Z DN 2 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 +20 + F +20 + F UNC soybeans Burns Harbor IN -24 + Z -27 + Z UP 3 corn Burns Harbor IN -6 + F -6 + F UNC soy Lafayette IN soy +7 + F +7 + F UNC Toledo OH (port) Corn -22 + Z -22 + Z UNC Soy +15 + F +15 + F UNC
SRW wheat -13 + Z -13 + Z UNC Davenport IA (river) Corn +1 + Z -6 + Z UP 7 Soy +1 + F +0 + F UP 1 Evansville IN (rail) 15-car CSX corn +3 + Z +2 + Z UP 1 Cincinnati OH (rail) 3-car corn -5 + Z -11 + Z UP 6 Hereford TX corn +95 + Z +95 + Z UNC Columbus OH (rail) 3-car corn -5 + Z -11 + Z UP 6 Morris IL (river) Corn -21 + Z -22 + Z UP 1 Soybeans +5 + F +5 + F UNC Fort Worth TX corn +120 + Z +120 + Z UNC Blair NE corn +5 + Z +5 + Z UNC Council Bluffs, IA (elevator) Corn -10 + Z -10 + Z UNC Soy -15 + F -15 + F UNC Des Moines IA soy -20 + X -15 + X DN 5 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 --------------------------------------------------------------- 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 Grant McCool and Andre Grenon)

About the author

Comments

explore

Stories from our other publications