U.S. Cash Grains-Corn, soybean basis steady to higher as futures drop

Basis

28/02/2023 17:20

CHICAGO, Feb 28 (Reuters) - Spot basis bids for corn and
soybeans were steady to higher at most U.S. Midwest processors
and elevators on Tuesday as futures prices fell to new lows and
farmer sales remained limited, grain dealers said.
    * Chicago Board of Trade soybean and grain futures fell on
Tuesday on technical and fund selling. Soybeans  Sv1  were at
the lowest level in nearly three weeks and corn  Cv1  was near a
three-month low.
    * At processing plants in Iowa, the spot corn basis jumped
by as much as 17 cents a bushel and the spot soy basis gained up
to 15 cents. Soybean basis gained 5 cents and corn basis rose by
up to 3 cents at barge-loading river elevators.
    * One exception to the basis strength was in Council Bluffs,
Iowa, where the soybean basis fell by 5 cents a bushel on
Tuesday.
        
 Basis values are quoted against CBOT futures in cts/bu:
 ELEVATORS                                                  
                    CORN                   SOYBEANS         
 CINCINNATI OH         +3  +  H  UNC        +11  +  H  UP 2
 BURNS HARBOR IN      UNQ        UNC        UNQ        UNC
 DECATUR IN           UNQ        UNC                   
 DES MOINES IA                              UNQ        UNC
 LINCOLN NE           +25  +  K  NC                         
                                                            
 PROCESSORS                                                 
                    CORN                   SOYBEANS         
 DECATUR IL           +28  +  K  UNC        +17  +  K  UNC
 DECATUR IN                                  -2  +  K  UNC
 MORRISTOWN IN                               +0  +  K  UNC
 LAFAYETTE IN                                +0  +  K  UNC
 CEDAR RAPIDS IA       +5  +  K  UP 17      -50  +  K  UP 15
 COUNCIL BLUFFS IA                          +15  +  K  DN 5
 LINCOLN NE                                 +25  +  K  UNC
 BLAIR NE             +55  +  H  UNC                        
                                                            
 RIVER TERMINALS                                            
                    CORN                   SOYBEANS         
 TOLEDO OH            -30  +  K  UNC        -15  +  K  UP 5
 SENECA IL             +0  +  H  UNC         +5  +  H  UNC
 SAVANNA IL            -9  +  H  UNC        -29  +  H  UP 5
 DAVENPORT IA          -4  +  H  UP 3        -5  +  H  UP 5
                                                            
 ETHANOL PLANTS                                             
 LINDEN IN             -5  +  H  UP 5                       
 UNION CITY IN         -1  +  H  UNC                        
 ANNAWAN IL            +5  +  K  UNC                        
 COUNCIL BLUFFS IA    +30  +  K  UNC                        
                                                            
 SRW WHEAT                                                  
 TOLEDO OH            -30  +  K  UP 5                       
 CINCINNATI OH        UNQ        UNC                        
 DECATUR IN           -35  +  H  UNC                        
 BURNS HARBOR IN      UNQ        UNC                        
 NOTE: 0 = option price, UN = Unchanged, UN = Unquoted
 NC = Not comparable, DPI = Delayed Price, N/A = Not available,
 F = January, H = March, K = May, N = July
 Q = 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; Editing by David Gregorio)
 ((karl.plume@thomsonreuters.com; +1 313 484 5285; Reuters
Messaging: karl.plume.thomsonreuters.com@reuters.net))