US Cash Grains-Soy, corn basis steady-firmer on thin farmer selling

Reuters
2024-12-04
US Cash Grains-Soy, corn basis steady-firmer on thin farmer selling

CHICAGO, Dec 3 (Reuters) - Spot basis bids for corn and soybeans were steady to firmer in the U.S. Midwest on Tuesday, reflecting a slow pace of farmer offerings as Chicago Board of Trade futures stayed within recent trading ranges, curbing further sales before the year's end, brokers said.

* The soybean basis firmed by 5 cents a bushel at a crushing operation in Council Bluffs, Iowa, by 3 cents at Seneca, Illinois, on the Illinois River, and by 2 cents at a terminal in Cincinnati, Ohio.

* Soybean crush margins have declined since early November but remain profitable, supporting processor demand for replacement beans.

* The U.S. Department of Agriculture reported that U.S. processors crushed 215.8 million bushels of soybeans in October, a record high for any month that topped a range of trade expectations for 209.5 million to 212 million bushels.

* For corn, the basis improved by a penny a bushel at Seneca, Illinois, and by 2 cents at an ethanol plant in Union City, Indiana.

* Most locations have rolled their corn basis to the CBOT March futures contract CH25 as the CBOT December contract CH25 nears its Dec. 13 expiration.

* On the CBOT as of 11:15 a.m. CST (1715 GMT), January soybean futures SF25 were up 6-3/4 cents at $9.92 per bushel while March corn futures CH25 were down 1/2 cent at $4.32 a bushel. GRA/

Basis values are quoted against CBOT futures in cts/bu:

ELEVATORS

CORN

SOYBEANS

CINCINNATI OH

+12

+

H

UNC

+18

+

F

UP 2

BURNS HARBOR IN

UNQ

UNC

UNQ

UNC

DECATUR IN

UNQ

UNC

DES MOINES IA

UNQ

UNC

LINCOLN NE

-20

+

H

NC

PROCESSORS

CORN

SOYBEANS

DECATUR IL

+6

+

H

UNC

+5

+

F

UNC

DECATUR IN

+5

+

F

UNC

MORRISTOWN IN

+10

+

F

UNC

LAFAYETTE IN

+5

+

F

UNC

CEDAR RAPIDS IA

-5

+

H

UNC

-5

+

F

UNC

COUNCIL BLUFFS IA

-10

+

F

UP 5

LINCOLN NE

-10

+

F

UNC

BLAIR NE

+0

+

H

UNC

RIVER TERMINALS

CORN

SOYBEANS

TOLEDO OH

-24

+

H

UNC

-35

+

F

UNC

SENECA IL

-5

+

H

UP 1

+5

+

F

UP 3

SAVANNA IL

-34

+

H

UNC

-51

+

F

UNC

DAVENPORT IA

-15

+

H

UNC

-8

+

F

UNC

ETHANOL PLANTS

LINDEN IN

-7

+

H

UNC

UNION CITY IN

+5

+

H

UP 2

ANNAWAN IL

-10

+

H

UNC

COUNCIL BLUFFS IA

-10

+

H

UNC

SRW WHEAT

TOLEDO OH

-30

+

H

UNC

CINCINNATI OH

UNQ

UNC

DECATUR IN

-50

+

N

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 = JulyQ = August, U = September, X = November, Z = December

--------------------------------------------------------

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 Jonathan Oatis)

((Julie.ingwersen@thomsonreuters.com; 1-313-484-5283; Reuters Messaging: julie.ingwersen.thomsonreuters.com@reuters.net))

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