June 10 (Reuters) – Spot basis bids for corn were higher on Tuesday at river terminals as farmers held off on selling crops, while bids held steady at processors and elevators around the U.S. Midwest, dealers said.
* “Corn is not moving so the basis is firming,” said a grain merchant said at northeastern Ohio river terminal.
* Farmers have been uninterested in selling grain in recent days due to weaker U.S. corn futures values.
* Even deliveries of previously contracted grain have slowed and been largely contingent on clear weather conditions, a dealer said.
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* Soybean basis bids were mixed at river terminals and unchanged at processors and elevators.
* Farmers have a price target of $15 per bushel for soybeans and despite recent rallies in U.S. soybean futures, most cash price are under the farmers’ target range, a southern Ohio dealer said.
* Farmers in western Iowa checked current prices, but did not book crop sales, a dealer said.
* Soft red winter wheat bids held steady and farmer sales were quiet while harvest is still a couple weeks away, dealers said.
* The U.S. Department of Agriculture released its weekly crop progress and conditions report on Monday. The data showed 92 percent emerged in the week ended June 8, up from 80 percent in the previous week. The soybean crop was 71 percent emerged, up 50 percent from the previous week.
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 +15 + N UNC
DECATUR IN -15 + N UNC
DES MOINES IA UNQ UNC
LINCOLN NE -13 + N UNC
PROCESSORS
CORN SOYBEANS
DECATUR IL +18 + N UNC +95 + Q UNC
DECATUR IN +115 + Q UNC
MORRISTOWN IN +115 + Q UNC
LAFAYETTE IN +115 + Q UNC
CEDAR RAPIDS IA +23 + N UNC +70 + Q UNC
COUNCIL BLUFFS IA +62 + Q UNC
LINCOLN NE +62 + Q UNC
BLAIR NE +0 + N UNC
RIVER TERMINALS
CORN SOYBEANS
TOLEDO OH -10 + N UP 3 +85 + Q UNC
SENECA IL +4 + N UP 5 +15 + N UNC
SAVANNA IL +1 + N UP 2 +0 + N UP 5
DAVENPORT IA +6 + N UP 1 -2 + N DN 1
ETHANOL PLANTS
LINDEN IN +0 + N UNC
UNION CITY IN +9 + N UNC
ANNAWAN IL +6 + N UNC
COUNCIL BLUFFS IA +0 + N UNC
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 Marguerita
Choy)
