U.S. Cash Grains-Corn, soy bids steady to lower after sales

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
	
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)

About the author

Comments

explore

Stories from our other publications