June 12 (Reuters) – Corn spot basis bids were steady to firmer on Thursday at river terminals around the U.S. Midwest, but held mostly steady at processors and elevators in quiet trade, dealers said.
* Farmer sales of corn have been slow in recent days in the wake of weaker U.S. corn futures.
* Old crop sales have tapered off as farmers, disappointed with current cash prices, remain reluctant to sell what remains of the grain, dealers said.
* As farmer sales slow, the corn basis has firmed in recent days. Bids firmed by 1 to 2 cents per bushel at terminals on the Illinois and Mississippi rivers. An Iowa ethanol plant also raised its corn bid by 2 cents per bushel.
Read Also
U.S. tariffs looming large over canola market
U.S. tariffs are one market headwind facing Canadian canola prices, but Chinese levies are another wrinkle coming down the pipe for farmers.
* Soybean basis bids firmed by 3 to 9 cents per bushel at terminals on the Mississippi and Illinois rivers.
* Some farmers in southern Ohio still have soybeans to plant but wet and rainy conditions have kept the growers out of the fields, a grain merchant in Cincinnati said.
* Farmer sales of the oilseed were generally slow, except in portions of western Iowa, where farmers sold light amounts of old crop supplies, a dealer said.
* Soft red winter wheat bids were unchanged.
* USDA reported corn export sales in the latest week at 409,700 tonnes for 2013/14 and 105,500 tonnes for 2014/15, in line with trade expectations.
* USDA reported export sales of U.S. soybeans in the latest week at 86,700 tonnes for 2013/14 and 403,300 tonnes for 2014/15, in line with trade expectations. USDA pegged weekly soymeal sales at 59,400 tonnes for 2013/14 and 10,800 for 2014/15, below expectations.
Basis values are quoted against CBOT futures in cts/bu:
CORN SOYBEANS
CINCINNATI OH +2 + N UNC +95 + Q UNC
BURNS HARBOR IN -12 + N UNC +10 + N UNC
DECATUR IN -15 + N UNC
DES MOINES IA UNQ UNC
LINCOLN NE -11 + N UNC
PROCESSORS
CORN SOYBEANS
DECATUR IL +18 + N UNC +95 + Q UNC
DECATUR IN +11 + Q UNC
5
MORRISTOWN IN +11 + Q UNC
5
LAFAYETTE IN +11 + Q UNC
0
CEDAR RAPIDS IA +20 + N DN 3 +80 + Q UP 10
COUNCIL BLUFFS IA +62 + Q UNC
LINCOLN NE +62 + Q UNC
BLAIR NE +0 + N UNC
RIVER TERMINALS
CORN SOYBEANS
TOLEDO OH -10 + N UNC +85 + Q UNC
SENECA IL +5 + N UP 1 +5 + N UNC
SAVANNA IL +3 + N UP 2 -3 + N UP 9
DAVENPORT IA +6 + N UNC +1 + N UP 3
ETHANOL PLANTS
LINDEN IN +0 + N UNC
UNION CITY IN +7 + N UNC
ANNAWAN IL +6 + N UNC
COUNCIL BLUFFS IA +2 + N UP 2
SRW WHEAT
TOLEDO OH +0 + N UNC
CINCINNATI OH -10 + N UNC
DECATUR IN -15 + N UNC
BURNS HARBOR IN -20 + N UNC
NOTES: 0 = Option price, UNC = Unchanged, UNQ = Unquoted,
NC = Not comparable, DP = Delayed Price, N = July, Q = August
---------------------------------------------------------------
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 Peter
Galloway)
