Nov 20 (Reuters) - Spot cash basis bids for corn and
soybeans were mostly steady in the U.S. Midwest on Wednesday,
and farmer selling remained slow due to low prices and plentiful
storage, dealers said.
* Last year's drought-reduced corn crop and a buildup in
storage capacity in most areas over the past three years has
enabled farmers and elevators to store crops and wait for higher
prices.
* "It's the first time we've seen a carry in the corn market
in a long time so everyone is willing to wait while they sell
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the carry," a dealer said.
* Most adjustments in the basis were light and tied to
changes in freight costs rather than to movement or to the
weakness in Chicago Board of Trade futures prices.
* Chicago Board of Trade December corn futures closed
3/4 cent per bushel lower at $4.17 and January soybeans
were down 2-1/2 cents at $12.73-3/4 a bushel.
Basis values are quoted against CBOT futures in cts/bu:
Current Previous
Bid Bid
Chicago, Illinois
Corn processors +14 + Z +14 + Z UNC
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 soybeans +15 + F +15 + F UNC
Burns Harbor IN corn -24 + Z -24 + Z UNC
Burns Harbor IN soy -20 + F -20 + F UNC
Lafayette IN soy +7 + F +7 + F UNC
Toledo OH (port)
Corn -17 + Z -17 + Z UNC
Soy +7 + F +15 + F DN 8
SRW wheat -13 + Z -13 + Z UNC
Davenport IA (river)
Corn +0 + Z +0 + Z UNC
Soy -2 + F -2 + F UNC
Evansville IN (rail)
15-car CSX corn +3 + Z +3 + Z UNC
Cincinnati OH (rail)
3-car corn -5 + Z -5 + Z UNC
Hereford TX corn +100 + Z +95 + Z UP 5
Columbus OH (rail)
3-car corn -5 + Z -5 + Z UNC
Morris IL (river)
Corn -5 + Z -5 + Z UNC
Soybeans +7 + F +7 + F UNC
Fort Worth TX corn +130 + Z +125 + Z UP 5
Blair NE corn +0 + Z +0 + Z UNC
Council Bluffs, IA (elevator)
Corn -15 + Z -15 + Z UNC
Soy -13 + F -13 + F UNC
Des Moines IA soy -30 + X -30 + X UNC
Sioux City IA soy -15 + F -15 + F UNC
NOTE: 0 = option price, UNC = Unchanged, UNQ = Unquoted,
NC = Not comparable, DP = Delayed Price, Z = December,
F = January
---------------------------------------------------------------
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 Sam Nelson; editing by Jim Marshall)
U.S. Cash Grains-Most corn, soy bids steady; farm sales slow
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