U.S. Cash Grains-Soy bids drop as demand ebbs, freight rises

Nov 14 (Reuters) - Soybean cash basis bids eased at U.S.
Midwest processors, elevators and river terminals on Friday,
pressured by larger supplies, reduced demand and a recent spike
in shipping costs on the region's waterways, dealers said.
    * The soy basis fell as much as 14 cents per bushel at an
elevator in Burns Harbor, Indiana, and declined for the second
consecutive day at a closely watched processor in Decatur,
Illinois.
    * Demand for soymeal ebbed at midweek after the futures
 jumped to a one-month high, while at the same time higher
	
soybean futures spurred increased farmer selling of soybeans. * The better supplies and lull in demand weighed on basis bids for the oilseed. Surging freight costs on the lower Ohio River also weighed on the soy basis in the eastern Midwest. * A steep drop in the Chicago Board of Trade soy complex of Friday was tied to the weaker cash market and also chilled any selling interest from farmers, the dealers said. * The losses came despite a higher-than-expected soybean crush in October, according to National Oilseed Processors Association data released on Friday. * Corn spot basis bids held steady at processors and ethanol plants amid a slow pace of farmer sales. Many ethanol makers left their corn basis unchanged even as the government proposed a reduced requirement for blending the biofuel into gasoline sold in the United States. Basis values are quoted against CBOT futures in cts/bu: Current Previous Bid Bid Chicago, Illinois Corn processors +8 + Z +8 + 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 +17 + F DN 2
Burns Harbor IN corn -24 + Z -24 + Z UNC Burns Harbor IN soy -20 + F -6 + F DN 14 Lafayette IN soy +7 + F +7 + F UNC Toledo OH (port) Corn -20 + Z -20 + Z UNC Soy +15 + F +15 + F UNC SRW wheat -13 + Z -13 + Z UNC Davenport IA (river) Corn -2 + Z +0 + Z DN 2 Soy +0 + F +2 + F DN 2 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 +95 + Z +95 + Z UNC Columbus OH (rail) 3-car corn -5 + Z -5 + Z UNC Morris IL (river) Corn -22 + Z -22 + Z UNC Soybeans +7 + F +5 + F UP 2 Fort Worth TX corn +125 + Z +140 + Z DN 15 Blair NE corn +5 + Z +5 + Z UNC Council Bluffs, IA (elevator) Corn -15 + Z -15 + Z UNC Soy -12 + F -12 + F UNC Des Moines IA soy -30 + X -20 + X DN 10 Sioux City IA soy -15 + F -15 + F UNC NOTE: 0 = option price, UNC = Unchanged, UNQ = Unquoted, NC = Not comparable, DP = Delayed Price, X = November, Z = December --------------------------------------------------------------- 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; Editing by Bob Burgdorfer)

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