Corn basis mixed as futures surge, soy bids flat-lower
Spot basis bids for corn delivered to elevators and processing plants around the U.S. Midwest were mixed on Thursday after sharply higher futures prices triggered farmer sales of old-crop supplies, merchants said.
* Corn bids were capped at most locations by ample supplies of grain and concerns about weak demand.
* A larger-than-normal share of farmers have not sold as much corn as usual this season. Some responded to a sharp futures rally on Thursday by booking sales of old-crop supplies to catch up on marketing, merchants said.
* Chicago Board of Trade (CBOT) corn ZC1! surged by more than 3% after the U.S. Department of Agriculture (USDA) said U.S. farmers would plant fewer acres this spring than had been expected.
* Spot soybean basis bids were mostly unchanged at Midwest elevators and mostly steady to lower at crush plants.
* A crushing facility in Des Moines, Iowa, cut its spot bid by 4 cents a bushel on Thursday.
* Markets will be closed on Friday in observance of the Good Friday holiday.
Basis values are quoted against CBOT futures in cents:
Current | Previous | ||||||
ELEVATORS | Bid | Bid | |||||
Chicago, Illinois | |||||||
Corn processors | +0 | + | K | +0 | + | K | UNC |
Corn elevators | -20 | + | K | -20 | + | K | UNC |
Soybean elevators | -20 | + | K | -20 | + | K | UNC |
Wheat elevators | +5 | + | K | +5 | + | K | UNC |
Wheat processors | +15 | + | K | +15 | + | K | UNC |
Decatur IL corn | +2 | + | K | +2 | + | K | UNC |
Decatur IL soybeans | +0 | + | K | +0 | + | K | UNC |
Burns Harbor IN corn | UNQ | UNQ | UNC | ||||
Burns Harbor IN soy | UNQ | UNQ | UNC | ||||
Lafayette IN soy | -10 | + | K | -10 | + | K | UNC |
Toledo OH (port) | |||||||
Corn | -37 | + | K | -37 | + | K | UNC |
Soy | -40 | + | K | -40 | + | K | UNC |
SRW wheat | -40 | + | K | -40 | + | K | UNC |
Davenport IA (river) | |||||||
Corn | -12 | + | K | -12 | + | K | UNC |
Soy | -15 | + | K | -15 | + | K | UNC |
Evansville IN (rail) | |||||||
15-car CSX corn | -10 | + | K | -10 | + | K | UNC |
Cincinnati OH (rail) | |||||||
3-car corn | UNQ | UNQ | UNC | ||||
Hereford TX corn | +120 | + | K | +120 | + | K | UNC |
Columbus OH (rail) | |||||||
3-car corn | -20 | + | K | -17 | + | K | DN 3 |
Morris IL (river) | |||||||
Corn | -14 | + | K | -14 | + | K | UNC |
Soybeans | -10 | + | K | -10 | + | K | UNC |
Fort Worth TX corn | +120 | + | K | +120 | + | K | UNC |
Blair NE corn | +18 | + | K | +18 | + | K | UNC |
Council Bluffs, IA (elevator) | |||||||
Corn | +10 | + | K | +7 | + | K | UP 3 |
Soy | -20 | + | K | -23 | + | K | UP 3 |
Des Moines IA soy | -10 | + | K | -6 | + | K | DN 4 |
Sioux City IA soy | -30 | + | K | -30 | + | K | 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-AM)
For U.S. forward basis spreadsheets, please click on:
(CORN/BASIS), (SOYA/BASIS), (WHEAT/BASIS), (MILO/BASIS)
- CBOT corn report
- CBOT soybean report
- CBOT wheat report
- U.S. grain barge freight values
- U.S. Midwest cash grain AM
- U.S. CIF/FOB Gulf Grain