US Cash Grains-Corn basis mixed; soy bids mostly flat

Reuters
02-05
US Cash Grains-Corn basis mixed; soy bids mostly flat

CHICAGO, Feb 4 (Reuters) - Spot basis bids for corn were mixed at processing sites and grain elevators in the U.S. Midwest on Tuesday, firming in a few locations where demand outstripped farmer offerings and softening in others.

* Farmer sales of corn and soybeans increased last month as Chicago Board of Trade corn futures climbed to multi-month highs, but demand from some end-users has eased in the wake of the influx of grain.

* The corn basis fell by 2 cents at Decatur, Illinois, a key processing site, and at an ethanol plant in Linden, Indiana. But the basis improved at a Cedar Rapids, Iowa, processor and at elevators in Lincoln, Nebraska, and Toledo, Ohio.

* Soybean basis bids were mostly flat, although the spot basis fell by a nickel a bushel at a Morristown, Indiana, crushing facility.

* Falling profit margins for crushers may limit their demand for soybeans following an aggressive crushing pace in recent months. The U.S. Department of Agriculture reported on Monday that U.S. processors crushed a record-high 217.7 million bushels of soybeans in December, near an average of analyst expectations.

* Chicago Board of Trade corn and soy futures turned higher by mid-session on Tuesday, buoyed by a setback in the dollar .DXY and optimism about grain demand after U.S. President Donald Trump on Monday suspended his threat of steep tariffs on Mexico and Canada.

* As of 11:24 a.m. CST (1724 GMT), CBOT March corn CH25 was up 6-1/2 cents at $4.95-1/4 a bushel and March soybeans SH25 were up 11-1/2 cents at $10.69-3/4 a bushel. GRA/

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

ELEVATORS

CORN

SOYBEANS

CINCINNATI OH

+5

+

H

DN 1

-2

+

H

UNC

BURNS HARBOR IN

UNQ

UNC

UNQ

UNC

DECATUR IN

UNQ

UNC

DES MOINES IA

UNQ

UNC

LINCOLN NE

-35

+

H

UP 5

PROCESSORS

CORN

SOYBEANS

DECATUR IL

-4

+

H

DN 2

-15

+

H

UNC

DECATUR IN

+0

+

H

UNC

MORRISTOWN IN

-10

+

H

DN 5

LAFAYETTE IN

-12

+

H

UNC

CEDAR RAPIDS IA

-15

+

H

UP 3

-35

+

H

UNC

COUNCIL BLUFFS IA

-40

+

H

UNC

LINCOLN NE

-40

+

H

UNC

BLAIR NE

-18

+

H

UNC

RIVER TERMINALS

CORN

SOYBEANS

TOLEDO OH

-10

+

H

UP 3

-15

+

H

UNC

SENECA IL

-14

+

H

DN 1

-27

+

H

UNC

SAVANNA IL

-36

+

H

UNC

-41

+

H

UNC

DAVENPORT IA

-28

+

H

UNC

-32

+

H

UNC

ETHANOL PLANTS

LINDEN IN

-12

+

H

DN 2

UNION CITY IN

+6

+

H

UNC

ANNAWAN IL

-20

+

H

UNC

COUNCIL BLUFFS IA

-22

+

H

UNC

SRW WHEAT

TOLEDO OH

-30

+

H

UNC

CINCINNATI OH

UNQ

UNC

DECATUR IN

-40

+

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 Mark Porter)

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

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