Spot basis bids for corn and soybeans were higher in the U.S. Midwest on Monday as dealers sought to entice selling from farmers who have been reluctant to sell at currently low prices.
A heat wave followed by stormy weather is expected to hit the U.S. Midwest this week.
The U.S. Department of Agriculture's acreage and quarterly grain stocks reports on Tuesday are among the most closely watched publications in grain markets, giving a pointer in particular to U.S. corn and soybean supply prospects for the coming season.
Market participants on average expect the USDA to revise down its corn area estimate and increase its soybean planting view, reinforcing a shift from corn to soybeans.
Chicago Board of Trade most-active corn futures CBOT:ZC1! were last down 13-3/4 cents to $3.99 a bushel and CBOT most-active soybean futures CBOT:ZS1! were last down 19 cents to $11.37-1/2 per bushel.
Basis values are quoted against CBOT futures in cts/bu:
ELEVATORS | CORN SOYBEANS | CINCINNATI OH +22 + N UP 4 +15 + N UP 2 | BURNS HARBOR IN UNQ UNC UNQ UNC | DECATUR IN UNQ UNC UNQ UNC | DES MOINES IA UNQ UNC UNQ UNC | LINCOLN NE -25 + N UNC -30 N UNC | PROCESSORS | CORN SOYBEANS | DECATUR IL +12 + U NC +30 + Q NC | DECATUR IN +25 + Q NC | MORRISTOWN IN +20 + N UNC | LAFAYETTE IN +25 + N UNC | CEDAR RAPIDS IA -2 + N UP 3 +0 + N UP 10 | COUNCIL BLUFFS IA -5 + N UNC | LINCOLN NE +10 + Q NC | BLAIR NE +0 + N DN 3 | RIVER TERMINALS | CORN SOYBEANS | TOLEDO OH +15 + N UNC +10 + N UP 5 | SENECA IL -3 + N UP 4 -10 + N UP 3 | SAVANNA IL -37 + U NC -51 + U NC | DAVENPORT IA -16 + N UNC -25 + N UNC | ETHANOL PLANTS | LINDEN IN +25 + N UNC | UNION CITY IN +40 + N UP 5 | ANNAWAN IL -14 + U NC | COUNCIL BLUFFS IA -7 + N UNC | SRW WHEAT | TOLEDO OH -15 + N UNC | CINCINNATI OH UNQ UNC | DECATUR IN -30 + 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 = 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