Nov 12 (Reuters) - Corn and soybean cash basis bids were
steady to lower across the U.S. Midwest early on Tuesday,
pressured by the spike in farmer sales in recent days that added
to the already large stockpile of the crops at processors and
elevators, dealers said.
* Corn futures were narrowly lower after their largest
two-day rally since August during the past two sessions. The
more than 3 percent jump in futures spurred the largest increase
in farmer and commercial sales in several weeks, the grain
merchants said.
* Cash prices for soybeans also rose above the psychological
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threshold of $13 per bushel at several locations, spurring sales
at that level, the dealers said.
* Harvest was in the final stages and many users of the
commodities have seen big volumes of deliveries for more than a
month. An elevator in southern Ohio saw increased deliveries
from farmers this week after terminals along the lower Ohio
River stopped taking the grain due to a tight supply of vessels
on the waterway, a dealer said.
* Sharply higher barge freight on rivers in the southern
Midwest weighed on bids for the commodities as shippers sought
vessels to send harvested supplies to the U.S. Gulf Coast export
markets.
* Still, a slow pace of farmer sales in recent weeks capped
declines in the basis despite increased movement in the wake of
Friday's U.S. Agriculture Department report. The report was not
as bearish as many analysts anticipated, and sent grain futures
soaring at the Chicago Board of Trade.
Basis values are quoted against CBOT futures in cts/bu:
CORN SOYBEANS
CINCINNATI OH -15 + Z UNC +0 + F UNC
BURNS HARBOR IN -27 + Z UNC -6 + F UNC
DECATUR IN -25 + Z UNC
DES MOINES IA -5 + F UNC
LINCOLN NE -5 + Z UNC
PROCESSORS
CORN SOYBEANS
DECATUR IL +10 + Z UNC +15 + F UNC
DECATUR IN +3 + F UNC
MORRISTOWN IN +5 + F UNC
LAFAYETTE IN +7 + F UNC
CEDAR RAPIDS +18 + Z UNC +3 + F DN 2
COUNCIL BLUFFS -5 + F UP 3
LINCOLN NE -10 + F UNC
BLAIR NE +5 + Z UNC
RIVER TERMINALS
CORN SOYBEANS
TOLEDO OH -24 + Z UNC +24 + F UNC
SENECA IL -25 + Z DN 12 -3 + F DN 3
SAVANNA IL -11 + Z UNC +5 + F DN 1
DAVENPORT IA -6 + Z UNC +7 + F UNC
ETHANOL PLANTS
LINDEN IN -15 + Z UNC
UNION CITY IN -15 + Z UNC
ANNAWAN IL -3 + Z UNC
COUNCIL BLUFFS IA -10 + Z DN 2
SRW WHEAT
TOLEDO -30 + Z UNC
CINCINNATI -30 + Z UNC
DECATUR IN -10 + Z UNC
BURNS HARBOR -35 + Z UNC
NOTES: 0 = Option price, UNC = Unchanged, UNQ = Unquoted,
NC = Not comparable, DP = Delayed Price, Z = December,
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)
U.S. Cash Grains-Corn, soy bids steady to lower after sales
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