Soybean basis mixed at processors, steady-firm at elevators
Spot basis bids for soybeans were mixed at U.S. Midwest processing plants on Tuesday and steady to firm at elevator locations, while corn basis bids were flat to weaker.
Farmer selling remained light on Tuesday as futures prices hovered near recent lows amid strong corn and soy crop ratings and favorable growing weather across much of the U.S. Midwest.
A large soy processor in Decatur, Illinois, raised its spot soybean basis bid by 5 cents a bushel on Tuesday after cutting the bid by 10 cents a day earlier. A Sioux City, Iowa, soy crusher cut its spot basis bid by 5 cents.
The National Oilseed Processors Association said the U.S. soybean crush last month hit a record high for June even as the daily processing pace declined to the lowest since September.
A Midwest river elevator in Morris, Illinois, trimmed its corn basis bids by a penny, which a river terminal near Davenport, Iowa, sliced its basis bid by 3 cents. A large corn processor in Blair, Nebraska, also cut its spot corn bid by 3 cents on Tuesday.
U.S. corn crop conditions held steady over the past week, with 74% of the crop rated in good to excellent shape, the strongest mid-July level since 2016, according to U.S. Department of Agriculture data released on Monday. Soy crop conditions improved to their strongest since 2016 after an unexpected 4-point jump from a week earlier to 70% good to excellent.
Warm weather and beneficial rains have supported strong crop prospects for both crops.
Chicago Board of Trade September corn futures (CU25) settled up 1-1/4 cents at $4.01-1/4 a bushel, while new-crop December corn (CZ25) was up 1-3/4 cents at $4.19-3/4 a bushel.
CBOT August soybean futures (SQ25) were down 6 cents at $9.95 per bushel. New-crop November soybeans (SX25) were down 5-1/4 cents at $10.01-3/4 a bushel.
Basis values are quoted against CBOT futures in cents/bu:
Current | Previous | ||||||
Bid | Bid | ||||||
Chicago, Illinois | |||||||
Corn processors | +22 | + | U | +22 | + | U | UNC |
Corn elevators | +37 | + | U | +37 | + | U | UNC |
Soybean elevators | -10 | + | Q | -10 | + | Q | UNC |
Wheat elevators | -10 | + | U | -10 | + | U | UNC |
Wheat processors | -10 | + | U | -10 | + | U | UNC |
Decatur IL corn | +18 | + | U | +18 | + | U | UNC |
Decatur IL soybeans | +20 | + | X | +15 | + | X | UP 5 |
Burns Harbor IN corn | UNQ | UNQ | UNC | ||||
Burns Harbor IN soy | UNQ | UNQ | UNC | ||||
Lafayette IN soy | +20 | + | X | +20 | + | X | UNC |
Toledo OH (port) | |||||||
Corn | +10 | + | U | +10 | + | U | UNC |
Soy | -15 | + | X | -15 | + | X | UNC |
SRW wheat | -29 | + | U | -29 | + | U | UNC |
Davenport IA (river) | |||||||
Corn | -3 | + | U | +0 | + | U | DN 3 |
Soy | -9 | + | Q | -9 | + | Q | UNC |
Evansville IN (rail) | |||||||
15-car CSX corn | UNQ | UNQ | UNC | ||||
Cincinnati OH (rail) | |||||||
3-car corn | UNQ | UNQ | UNC | ||||
Hereford TX corn | +110 | + | U | +110 | + | U | UNC |
Columbus OH (rail) | |||||||
3-car corn | +48 | + | U | +48 | + | U | UNC |
Morris IL (river) | |||||||
Corn | +4 | + | U | +5 | + | U | DN 1 |
Soybeans | +0 | + | Q | -2 | + | Q | UP 2 |
Fort Worth TX corn | +110 | + | U | +110 | + | U | UNC |
Blair NE corn | +12 | + | U | +15 | + | U | DN 3 |
Council Bluffs, IA (elevator) | |||||||
Corn | +13 | + | U | +13 | + | U | UNC |
Soy | -25 | + | X | -25 | + | X | UNC |
Des Moines IA soy | -20 | + | X | -20 | + | X | UNC |
Sioux City IA soy | -10 | + | X | -5 | + | X | DN 5 |
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
