Corn bids flat to lower on slow demand, soybean bids steady
Spot basis bids for corn delivered to U.S. Midwest elevators and processing plants were flat to lower on Thursday on generally slow demand, while soybean basis bids were mostly unchanged.
An elevator in Cincinnati, Ohio, cut its spot corn basis bid by 7 cents a bushel and a river elevator in Seneca, Illinois, lowered its spot corn bid by a nickel. Basis bids at corn ethanol plants were flat to down 5 cents a bushel.
In one exception to the corn market's weak tone, a processor in Cedar Rapids, Iowa, raised its spot basis bid by 5 cents a bushel for grain delivered in the second week of this month to draw out immediate supplies. Its bid for grain delivered in the third week was 6 cents below the spot bid.
Chicago Board of Trade corn futures slumped on Thursday after U.S. corn export sales last week fell well short of market expectations. A possible shift by Coca-Cola away from high fructose corn syrup in its drinks stoked further demand concerns.
CBOT September corn futures (CU25) were down 4 cents at $4.01-1/4 a bushel at 1 p.m. CDT (1800 GMT), while new-crop December corn (CZ25) was down 3-1/4 cents at $4.20-3/4 a bushel.
CBOT August soybean futures (SQ25) were up 7 cents at $10.20-1/2 per bushel. New-crop November soybeans (SX25) were up 6 cents at $10.26-1/2 a bushel.
Basis values are quoted against CBOT futures in cts/bu:
ELEVATORS | ||||||||
CORN | SOYBEANS | |||||||
CINCINNATI OH | +20 | + | U | DN 7 | +26 | + | Q | DN 1 |
BURNS HARBOR IN | UNQ | UNC | UNQ | UNC | ||||
DECATUR IN | UNQ | UNC | ||||||
DES MOINES IA | UNQ | UNC | ||||||
LINCOLN NE | -5 | + | U | UNC | ||||
PROCESSORS | ||||||||
CORN | SOYBEANS | |||||||
DECATUR IL | +18 | + | U | UNC | +20 | + | X | UNC |
DECATUR IN | +10 | + | X | UNC | ||||
MORRISTOWN IN | +25 | + | X | UNC | ||||
LAFAYETTE IN | +20 | + | X | UNC | ||||
CEDAR RAPIDS IA | +7 | + | U | UP 5 | -10 | + | X | UNC |
COUNCIL BLUFFS IA | -5 | + | X | UNC | ||||
LINCOLN NE | -20 | + | X | UNC | ||||
BLAIR NE | +10 | + | U | DN 2 | ||||
RIVER TERMINALS | ||||||||
CORN | SOYBEANS | |||||||
TOLEDO OH | +10 | + | U | UNC | -50 | + | X | UNC |
SENECA IL | +0 | + | U | DN 5 | +0 | + | Q | UNC |
SAVANNA IL | -11 | + | U | UNC | -35 | + | Q | UNC |
DAVENPORT IA | -5 | + | U | UNC | -10 | + | Q | UNC |
ETHANOL PLANTS | ||||||||
LINDEN IN | +25 | + | U | DN 5 | ||||
UNION CITY IN | +55 | + | U | UNC | ||||
ANNAWAN IL | -2 | + | U | DN 2 | ||||
COUNCIL BLUFFS IA | +10 | + | U | UNC | ||||
SRW WHEAT | ||||||||
TOLEDO OH | -29 | + | U | UNC | ||||
CINCINNATI OH | -22 | + | U | UNC | ||||
DECATUR IN | -25 | + | U | 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 = 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
- CBOT soybean report
- CBOT wheat report
- U.S. grain barge freight values
- U.S. Midwest cash grain PM
- U.S. CIF/FOB Gulf Grain
