July 11 (Reuters) – Spot cash basis bids for corn were mixed in the U.S. Midwest early Friday, as many farmers in the eastern Corn Belt focused on the soft red wheat harvest and held off booking crop sales, dealers said.
* The growers largely remain uninterested in booking crop sales due to soft Chicago Board of Trade corn and soy futures, dealers said.
* Corn bids slipped by 2 cents to 7 cents per bushel at elevators and processors around the region. Bids at river terminals and ethanol plants rose by 2 cents to 53 cents per bushel.
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* Soybean and soft red winter wheat bids held mostly steady.
* Farmers in Indiana and Ohio focused on harvesting SRW wheat in areas where field conditions allowed. Scattered rains and wet conditions in the past week have delayed wheat harvest progress in several areas of the eastern Corn Belt region.
* A southern Ohio processor will likely be open for a limited time on Saturday for farmers to deliver freshly cut wheat, a dealer at the location said.
* Grain merchants had expected the wheat harvest pace to pick up, barring any additional rain storms, but the National Weather Services has forecast showers and thunderstorms over the weekend for the U.S. Corn Belt through the Upper Midwest.
* The U.S. Department of Agriculture was scheduled to release its monthly crop supply and demand report on Friday at 12 p.m. EDT (1600 GMT).
Basis values are quoted against CBOT futures in cts/bu:
CORN SOYBEANS
CINCINNATI OH +5 + Q UNC +100 + Q UNC
BURNS HARBOR IN -15 + U UNC +45 + Q UNC
DECATUR IN -25 + U DN 7
DES MOINES IA UNQ UNC
LINCOLN NE -16 + U UNC
PROCESSORS
CORN SOYBEANS
DECATUR IL +23 + U UP 3 +100 + Q UNC
DECATUR IN +100 + Q UNC
MORRISTOWN IN +110 + Q UNC
LAFAYETTE IN +90 + Q UNC
CEDAR RAPIDS IA +16 + U DN 2 +80 + Q UNC
COUNCIL BLUFFS IA +70 + Q UNC
LINCOLN NE +85 + Q UNC
BLAIR NE -5 + U DN 2
RIVER TERMINALS
CORN SOYBEANS
TOLEDO OH -10 + U UNC +72 + Q UNC
SENECA IL +14 + U UNC +85 + Q UNC
SAVANNA IL +6 + U UP 2 -14 + N DN 9
DAVENPORT IA +13 + U UP 5 +80 + Q UP 2
ETHANOL PLANTS
LINDEN IN +8 + U UNC
UNION CITY IN -12 + U UNC
ANNAWAN IL +14 + U UNC
COUNCIL BLUFFS IA -13 + U UNC
SRW WHEAT
TOLEDO OH +5 + U UNC
CINCINNATI OH +5 + U UNC
DECATUR IN +0 + U UNC
BURNS HARBOR IN +0 + U UNC
NOTES: 0 = Option price, UNC = Unchanged, UNQ = Unquoted,
NC = Not comparable, DP = Delayed Price, N = July,
Q = August, U = September
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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 Jeffrey
Benkoe)
