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.
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* 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
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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)
