US Cash Grains-Corn, soybean basis steady-firm on slow farmer sales

Reuters
28 Feb
US Cash Grains-Corn, soybean basis steady-firm on slow farmer sales

CHICAGO, Feb 27 (Reuters) - Spot basis bids for soybeans delivered to elevators and processing plants around the U.S. Midwest were steady to higher on Thursday following a recent slowdown in farmer selling that tightened supplies in buyers' hands, merchants said.

* Spot corn basis bids were also steady to higher on slow farmer sales and a sharp drop in futures prices at the Chicago Board of Trade.

* Many grain merchants have rolled their spot basis bids to be tied to CBOT May futures ahead of the March delivery period. More buyers are due to roll their bids in the coming days.

* Flat cash prices for soybeans at elevators and processors were steady to nearly 10 cents a bushel higher on Thursday as buyers rolled their bids to May futures. Their basis adjustments only partly offset the May contract's premium over March futures.

* Chicago Board of Trade corn futures fell sharply near midday while soybeans were narrowly mixed. Corn was pressured by a larger-than-anticipated U.S. spring plantings increase forecast by the U.S. Department of Agriculture (USDA) on Thursday.

* Both corn and soy were also anchored by rising trade tensions after U.S. President Donald Trump said steep tariffs on imports from Canada and Mexico would be imposed next week, while tariffs on Chinese imports would be raised. The moves are expected to spark retaliation by the top three export markets for U.S. farm products.

* Chicago Board of Trade May corn futures CK25 were down 11-1/2 cents at $4.82 per bushel near midday on Wednesday. CBOT May soybeans SK25 were down 3/4 cent at $10.40-1/2 a bushel.

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

ELEVATORS

CORN

SOYBEANS

CINCINNATI OH

+2

+

H

DN 2

+3

+

H

UNC

BURNS HARBOR IN

UNQ

UNC

UNQ

UNC

DECATUR IN

UNQ

UNC

DES MOINES IA

UNQ

UNC

LINCOLN NE

-35

+

H

UNC

PROCESSORS

CORN

SOYBEANS

DECATUR IL

+3

+

H

UNC

-19

+

K

NC

DECATUR IN

-5

+

K

NC

MORRISTOWN IN

-5

+

K

NC

LAFAYETTE IN

+0

+

H

UNC

CEDAR RAPIDS IA

-11

+

H

DN 1

-20

+

H

UNC

COUNCIL BLUFFS IA

-45

+

K

NC

LINCOLN NE

-40

+

H

UNC

BLAIR NE

-12

+

H

UNC

RIVER TERMINALS

CORN

SOYBEANS

TOLEDO OH

-15

+

K

NC

-25

+

K

NC

SENECA IL

-6

+

H

UNC

-5

+

H

UNC

SAVANNA IL

-42

+

K

NC

-52

+

K

NC

DAVENPORT IA

-12

+

H

UNC

-14

+

H

UNC

ETHANOL PLANTS

LINDEN IN

-5

+

H

UNC

UNION CITY IN

+8

+

H

UNC

ANNAWAN IL

-10

+

H

UNC

COUNCIL BLUFFS IA

-12

+

H

UNC

SRW WHEAT

TOLEDO OH

-30

+

H

UNC

CINCINNATI OH

-30

+

N

UNC

DECATUR IN

-45

+

H

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 Karl Plume)

((karl.plume@thomsonreuters.com; +1 313 484 5285))

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

  1. 1
     
     
     
     
  2. 2
     
     
     
     
  3. 3
     
     
     
     
  4. 4
     
     
     
     
  5. 5
     
     
     
     
  6. 6
     
     
     
     
  7. 7
     
     
     
     
  8. 8
     
     
     
     
  9. 9
     
     
     
     
  10. 10