July 24 (Reuters) – Spot soybean basis bids held mostly steady at elevators and processors around the U.S. Midwest in quiet trade on Thursday while Chicago Board of Trade soybean futures rallied and settled higher, dealers said.
* The 1 percent rise in U.S. soy futures was still not enough to entice farmers to market large amounts of soybean crops, dealers said.
* Farmers contacted grain merchants to check cash prices, but few booked sales. Earlier this week some farmers placed soybeans in delayed pricing programs hoping cash prices would rise later.
Read Also
Canola trade watches events in intermission between world’s harvests
The flow of speculative money, reacting to whatever world news is available, can be expected to steer grain and oilseed futures in this stretch between Northern and Southern Hemisphere harvests, Phil Franz-Warkentin writes.
* Some processors have rolled their bids to the Chicago Board of Trade November contract, from the August. The contract month change weakened the bids.
* Spot corn basis bids held mostly steady. CBOT corn settled slightly lower on Thursday pressured by the expectations of a large crop.
* A corn bid fell by 7 cents per bushel at a terminal on the Illinois River.
* Soft red winter wheat bids held mostly steady. An Ohio dealer said harvest continues in central Michigan and farmers delivered the freshly cut grain in an effort to meet contract obligations.
Basis values are quoted against CBOT futures in cts/bu:
Current Previ
ous
Bid Bid
Chicago, Illinois
Corn processors +12 + U +12 + U UNC
Corn elevators -2 + U -2 + U UNC
Soybean elevators +45 + Q +45 + Q UNC
Wheat elevators +0 + U +0 + U UNC
Wheat processors -20 + U -20 + U UNC
Decatur IL corn +30 + U +30 + U UNC
Decatur IL +190 + X +190 + X UNC
soybeans
Burns Harbor IN -14 + U -14 + U UNC
corn
Burns Harbor IN +45 + Q +45 + Q UNC
soy
Lafayette IN soy +90 + Q +90 + Q UNC
Toledo OH (port)
Corn -9 + U -9 + U UNC
Soy +70 + Q +70 + Q UNC
SRW wheat +5 + U +5 + U UNC
Davenport IA
(river)
Corn +8 + U +8 + U UNC
Soy +25 + Q +25 + Q UNC
Evansville IN
(rail)
15-car CSX corn +11 + U +11 + U UNC
Cincinnati OH
(rail)
3-car corn -6 + U -6 + U UNC
Hereford TX corn +135 + U +135 + U UNC
Columbus OH
(rail)
3-car corn +0 + U +0 + U UNC
Morris IL (river)
Corn +3 + U +10 + U DN 7
Soybeans +70 + Q +76 + Q DN 6
Fort Worth TX +120 + U +120 + U UNC
corn
Blair NE corn -11 + U -11 + U UNC
Council Bluffs, IA
(elevator)
Corn -18 + U -18 + U UNC
Soy +50 + Q +50 + Q UNC
Des Moines IA soy UNQ UNQ UNC
Sioux City IA soy +175 + X +175 + X UNC
NOTE: 0 = option price, UNC = Unchanged, UNQ = Unquoted,
NC = Not comparable, DP = Delayed Price, Q = August,
U = September, X=November
----------------------------------------------------------------
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 Gunna
Dickson)
