Nov 7 (Reuters) - Corn spot basis bids were steady to lower
around the U.S. Midwest on Thursday following a spike in farmer
sales ahead of a major crop report due on Friday that is
expected to lift estimates for the crop, grain merchants said.
* Analysts widely expect the U.S. Agriculture Department to
increase estimates on both the U.S. corn and soybean harvests in
a monthly report. The chance that prices could decline in the
wake of the report led some farmers to increase commodity sales.
* Farmers sold much larger volumes of corn than soybeans on
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Thursday, with the increases weighing on the basis.
* Corn bids eased 3 cents per bushel at a processor in
Decatur, Illinois, and also fell along the Mississippi River.
* Higher barge freight costs also weighed down the river
bids, but a slow pace of farmer sales combined with good export
demand capped declines in the basis.
* Additionally, rain delays to the harvest this week helped
limit losses in the corn and soybean basis, the dealers said.
* Rain at mid-week slowed harvesting of the U.S. corn and
soybean crops, but an agricultural meteorologist said on
Thursday the weather will turn better soon.
Basis values are quoted against CBOT futures in cts/bu:
Current Previous
Bid Bid
Chicago, Illinois
Corn processors +10 + Z +10 + Z UNC
Corn elevators -5 + Z -5 + Z UNC
Soybean elevators +0 + X +0 + X UNC
Wheat elevators +0 + Z +0 + Z UNC
Wheat processors -10 + Z -10 + Z UNC
Decatur IL corn +12 + Z +15 + Z DN 3
Decatur IL soybeans +15 + F +15 + F UNC
Burns Harbor IN corn -27 + Z -27 + Z UNC
Burns Harbor IN soy -6 + F -6 + F UNC
Lafayette IN soy +7 + F +7 + F UNC
Toledo OH (port)
Corn -22 + Z -22 + Z UNC
Soy +21 + F +10 + X NC
SRW wheat -13 + Z -13 + Z UNC
Davenport IA (river)
Corn -4 + Z -2 + Z DN 2
Soy +6 + F +8 + F DN 2
Evansville IN (rail)
15-car CSX corn +2 + Z +2 + Z UNC
Cincinnati OH (rail)
3-car corn -11 + Z -11 + Z UNC
Hereford TX corn +110 + Z +110 + Z UNC
Columbus OH (rail)
3-car corn -11 + Z -11 + Z UNC
Morris IL (river)
Corn -12 + Z -13 + Z UP 1
Soybeans +7 + F +0 + F UP 7
Fort Worth TX corn +135 + Z +135 + Z UNC
Blair NE corn +5 + Z +5 + Z UNC
Council Bluffs, IA
(elevator)
Corn -5 + Z -5 + Z UNC
Soy -17 + F -20 + F UP 3
Des Moines IA soy -5 + X -5 + X UNC
Sioux City IA soy -20 + F -20 + 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 Andre
Grenon)
U.S. Cash Grains-Corn bids steady to weak after big sales
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