May 20 (Reuters) – Soybean spot basis bids were mostly steady at elevators and processors in the U.S. Midwest early on Tuesday as some farmers sold old-crop supplies, grain merchants said.
* Soybean futures rallied on Monday and were higher again on Tuesday, which enticed some farmers to sell the remainder of soybeans stored in on-farm bins, a dealer in Council Bluffs, Iowa, said.
* Farmers in western Indiana also took advantage of the higher market by selling old-crop beans. Farmers also made arrangements to store soybean supplies at commercial elevators to sell later, a grain merchant said.
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* A dealer said farmers had a target price of $12.30 per bushel for new crop soybeans.
* Corn bids were mostly steady at processors and elevators, but were mixed at river terminals and ethanol plants.
* Even though temperatures rose in large portions of the region, many fields in the Eastern Corn Belt were still too wet for farmers to resume planting.
* In the Western Corn Belt, planting was steady, but some frost damage to emerging corn may cause farmers to replant, a dealer in western Iowa said.
* Weather forecasts predicted rain and scattered thunderstorms for portions of the Corn Belt on Wednesday, according to the National Weather Service.
* According to USDA data released late on Monday, farmers had planted 73 percent of their corn acreage as of May 18, up from 59 percent last week. The five-year average for this time of year is 76 percent.
* Soybean planting was 33 percent complete, compared with the five-year average of 38 percent, the USDA planting progress data showed.
Basis values are quoted against CBOT futures in cts/bu:
CORN SOYBEANS
CINCINNATI OH -10 + N UNC +40 + N UNC
BURNS HARBOR IN -15 + N UNC +30 + N UNC
DECATUR IN -20 + N UNC
DES MOINES IA UNQ UNC
LINCOLN NE -19 + N UNC
PROCESSORS
CORN SOYBEANS
DECATUR IL +14 + N UNC +45 + N UNC
DECATUR IN +65 + N UNC
MORRISTOWN IN +55 + N UNC
LAFAYETTE IN +60 + N UP 5
CEDAR RAPIDS IA +10 + N UNC +17 + N UNC
COUNCIL BLUFFS IA +20 + N UNC
LINCOLN NE +5 + N UNC
BLAIR NE -7 + N UP 1
RIVER TERMINALS
CORN SOYBEANS
TOLEDO OH -17 + N UP 2 +30 + N UNC
SENECA IL -1 + N DN 1 +15 + N UP 3
SAVANNA IL -5 + N UNC +11 + N UP 1
DAVENPORT IA +0 + N UNC +12 + N DN 1
ETHANOL PLANTS
LINDEN IN -5 + N UNC
UNION CITY IN -2 + N DN 2
ANNAWAN IL +3 + N UP 3
COUNCIL BLUFFS IA -10 + N UP 2
SRW WHEAT
TOLEDO OH -8 + 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
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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)
