June 4 (Reuters) – Soybean spot basis bids were lower at U.S. Midwest processors and river terminals on Wednesday as reduced demand from crushers and exporters weighed on bids following a spike in farmer sales late last month, dealers said.
* Processors were rolling bids to Chicago Board of Trade August futures from July futures. In nearly each case, the dealers took less than the roughly 70-cent spread between the contracts, in effect reducing their flat-price bid.
* At a closely tracked crushing plant in Decatur, Illinois, dealers took only 55 cents of the spread while two processors in Indiana took 50 cents of the spread.
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.
* At two terminals along the Mississippi River, soy buyers who were still bidding against July futures reduced their basis by 6 cents per bushel, reflecting limited exporter demand and imports of Brazilian beans into the United States.
* Corn spot basis bids were mostly steady to higher at interior processors, elevators and ethanol plants as the lowest futures in 3-1/2 months kept farmer offerings of the grain to a minimum. Bids weakened at some river terminals.
* Soft red winter wheat bids declined by 5 cents per bushel at an elevator in southern Ohio, but the basis could rebound soon amid increasing exporter interest, a dealer there said.
Basis values are quoted against CBOT futures in cts/bu:
CORN SOYBEANS
CINCINNATI OH +2 + N UP 12 +95 + Q NC
BURNS HARBOR IN -12 + N UP 1 +15 + N DN 15
DECATUR IN -15 + N UP 5
DES MOINES IA UNQ UNC
LINCOLN NE -13 + N UNC
PROCESSORS
CORN SOYBEANS
DECATUR IL +18 + N UNC +95 + Q NC
DECATUR IN +115 + Q NC
MORRISTOWN IN +115 + Q NC
LAFAYETTE IN +115 + Q UNC
CEDAR RAPIDS IA +25 + N UNC +75 + Q UNC
COUNCIL BLUFFS IA +62 + Q NC
LINCOLN NE +62 + Q NC
BLAIR NE -1 + N UNC
RIVER TERMINALS
CORN SOYBEANS
TOLEDO OH -13 + N UNC +30 + N UNC
SENECA IL +4 + N UNC +15 + N UNC
SAVANNA IL +0 + N DN 1 +0 + N DN 6
DAVENPORT IA +7 + N DN 3 +1 + N DN 6
ETHANOL PLANTS
LINDEN IN +0 + N UP 2
UNION CITY IN +12 + N UNC
ANNAWAN IL +9 + N DN 3
COUNCIL BLUFFS IA -3 + N UNC
SRW WHEAT
TOLEDO OH -3 + N UNC
CINCINNATI OH -15 + N DN 5
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 Michael Hirtzer in Chicago; Editing by Leslie
Adler)
