US Cash Grains-Soybean basis mostly steady-weaker as harvest begins
CHICAGO, Sept 17 (Reuters) -Basis bids for soybeans were mostly steady to softer in the U.S. Midwest on Tuesday, spot checks showed, as the harvest of what is projected to be a record-large crop got rolling under mostly clear skies.
* The soybean basis fell by 10 cents at a crushing plant in Council Bluffs, Iowa, by 5 cents at a Lafayette, Indiana, crusher and fell by a penny at a Cincinnati, Ohio, elevator.
* But the bean basis improved by 5 cents at a Toledo, Ohio, terminal.
* Corn basis bids were mostly unchanged as the harvest progressed.
* One exception was Cedar Rapids, Iowa, where a corn processor raised its bid by 3 cents a bushel, to 25 cents over Chicago Board of Trade December corn CZ24 futures for delivery before Sept. 22, an indication that the location is willing to pay a premium for immediate supplies. The same location posted a basis of 10 cents under futures for the last half of September, when the harvest likely will be farther along.
* Monday's weekly USDA crop progress report said the U.S. corn harvest was 9% complete and the soybean harvest was 6% done, each 3 percentage points ahead of their respective five-year averages.
* Dry conditions have helped speed Midwest crops toward maturity. Some 45% of the U.S. corn crop was mature as of Sunday, the USDA said, ahead of the five-year average of 38%, and 44% of the soy crop was dropping leaves, a sign of maturity, ahead of the five-year average of 37%. US/COR
* Market players are still digesting Monday's monthly crush report from the National Oilseed Processors' Association, which said that its U.S. members crushed 158.008 million bushels of soybeans last month, below all trade estimates and the lowest tally since September 2021.
* As of 11:36 a.m. CDT (1636 GMT), CBOT December corn CZ24 was up 3/4 cent at $4.11-1/2 per bushel and November soybeans SX24 were up 1 cent at $10.05-1/2 a bushel. GRA/
Basis values are quoted against CBOT futures in cts/bushel:
ELEVATORS | |||||||||
CORN | SOYBEANS | ||||||||
CINCINNATI OH | -51 | + | Z | UNC | -66 | + | X | DN 1 | |
BURNS HARBOR IN | UNQ | UNC | UNQ | UNC | |||||
DECATUR IN | UNQ | UNC | |||||||
DES MOINES IA | UNQ | UNC | |||||||
LINCOLN NE | -20 | + | Z | UNC | |||||
PROCESSORS | |||||||||
CORN | SOYBEANS | ||||||||
DECATUR IL | -18 | + | Z | UNC | -20 | + | X | UNC | |
DECATUR IN | -33 | + | X | UNC | |||||
MORRISTOWN IN | -35 | + | X | UNC | |||||
LAFAYETTE IN | -35 | + | X | DN 5 | |||||
CEDAR RAPIDS IA | +25 | + | Z | UP 3 | -40 | + | X | UNC | |
COUNCIL BLUFFS IA | -25 | + | X | DN 10 | |||||
LINCOLN NE | -25 | + | X | UNC | |||||
BLAIR NE | +10 | + | Z | UNC | |||||
RIVER TERMINALS | |||||||||
CORN | SOYBEANS | ||||||||
TOLEDO OH | -55 | + | Z | UNC | -65 | + | X | UP 5 | |
SENECA IL | -40 | + | Z | UNC | -40 | + | X | UNC | |
SAVANNA IL | -31 | + | Z | UNC | -56 | + | X | UNC | |
DAVENPORT IA | -25 | + | Z | UNC | -62 | + | X | UNC | |
ETHANOL PLANTS | |||||||||
LINDEN IN | -40 | + | Z | UNC | |||||
UNION CITY IN | -47 | + | Z | UNC | |||||
ANNAWAN IL | -30 | + | Z | UNC | |||||
COUNCIL BLUFFS IA | -18 | + | Z | UNC | |||||
SRW WHEAT | |||||||||
TOLEDO OH | -45 | + | Z | 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, DPI = 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 Barbara Lewis
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