US Cash Grains-Soy, corn processor basis firms; river corn bids ease
CHICAGO, Oct 24 (Reuters) -Basis bids for soybeans and corn were stronger at processing plants in the U.S. Midwest on Thursday as the harvest of both crops wound down, spot checks showed, but the corn basis weakened along Midwest rivers.
* The corn basis firmed by 4 cents a bushel for a second day at Decatur, Illinois, a grain-processing hub.
* The soybean basis improved by a nickel a bushel at soy-crushing facilities in Lafayette and Decatur, Indiana, after strengthening at several other crushing sites this week.
* Profitable crush margins encouraged soy processors to raise their basis in an effort to source replacement soybeans, while the soybean harvest was nearly complete and farmers have been finishing up with corn.
* The corn basis weakened at grain elevators along Midwest rivers as costs for barge freight rose, although river soybean bids held steady.
* Empty barges for this week were offered on Wednesday at 600% of tariff on the Memphis-to-Cairo segment of the Mississippi River, up from 550% a day earlier. Low water on the Mississippi continues to limit the amount of cargo per vessel and the number of barges that can be attached together. BG/US
* On the Chicago Board of Trade near mid-session, December corn CZ24 was up 3 cents at $4.22 a bushel and November soybeans SX24 were up 5-1/2 cents at $10.03-1/4 a bushel. Both markets were supported by robust export demand for U.S. grain in recent weeks. GRA/
* The U.S. Department of Agriculture reported export sales of U.S. 2024/25 corn in the week ended Oct. 17 at 3.6 million metric tons, above a range of trade expectations, while weekly soybean sales topped 2.1 million tons.
Basis values are quoted against CBOT futures in cts/bushel:
ELEVATORS | |||||||||
CORN | SOYBEANS | ||||||||
CINCINNATI OH | -19 | + | Z | UNC | -10 | + | X | UP 1 | |
BURNS HARBOR IN | UNQ | UNC | UNQ | UNC | |||||
DECATUR IN | UNQ | UNC | |||||||
DES MOINES IA | UNQ | UNC | |||||||
LINCOLN NE | -25 | + | Z | UNC | |||||
PROCESSORS | |||||||||
CORN | SOYBEANS | ||||||||
DECATUR IL | -19 | + | Z | UP 4 | +10 | + | X | UNC | |
DECATUR IN | -20 | + | X | UP 5 | |||||
MORRISTOWN IN | -10 | + | X | UNC | |||||
LAFAYETTE IN | -20 | + | X | UP 5 | |||||
CEDAR RAPIDS IA | -30 | + | Z | UNC | -25 | + | X | UNC | |
COUNCIL BLUFFS IA | -30 | + | X | UNC | |||||
LINCOLN NE | -30 | + | X | UNC | |||||
BLAIR NE | -15 | + | Z | UNC | |||||
RIVER TERMINALS | |||||||||
CORN | SOYBEANS | ||||||||
TOLEDO OH | -35 | + | Z | UNC | -45 | + | X | UNC | |
SENECA IL | -35 | + | Z | DN 7 | -10 | + | X | UNC | |
SAVANNA IL | -51 | + | Z | DN 3 | -66 | + | X | UNC | |
DAVENPORT IA | -45 | + | Z | DN 3 | -25 | + | X | UNC | |
ETHANOL PLANTS | |||||||||
LINDEN IN | -65 | + | Z | UNC | |||||
UNION CITY IN | -35 | + | Z | UNC | |||||
ANNAWAN IL | -35 | + | Z | UNC | |||||
COUNCIL BLUFFS IA | -34 | + | Z | UNC | |||||
SRW WHEAT | |||||||||
TOLEDO OH | -20 | + | H | UNC | |||||
CINCINNATI OH | UNQ | UNC | |||||||
DECATUR IN | -75 | + | Z | UNC | |||||
BURNS HARBOR IN | UNQ | UNC |
NOTE: 0 = option price, UNC = Unchanged, UNQ = Unquoted
NC = Not comparable, DP = Delayed Price, N/A = Not available,
F = January, H = March, K = May, N = July
Q = August, U = September, X = November, Z = December
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LINKS: 0#USCSHGRN-PM
For U.S. forward basis spreadsheets, please click:
CORN/BASIS, SOYA/BASIS, WHEAT/BASIS, MILO/BASIS
- CBOT corn report COR/
- CBOT soybean report SOY/C
- CBOT wheat report WHE/C
- U.S. grain barge freight values BG/US
- U.S. Midwest cash grain PM GRA/PM
- U.S. CIF/FOB Gulf Grain GRA/F
Reporting by Julie Ingwersen; Editing by Rod Nickel
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