Soy basis bids steady-firm at processors, river terminals

Soy basis bids steady-firm at processors, river terminals

Spot basis bids for soybeans delivered to river terminals and processing plants around the U.S. Midwest were steady to higher on Wednesday on good demand for immediate supplies, while bids at interior elevators were mostly unchanged, grain dealers said.

* Spot corn basis bids were steady to weaker at river elevators and ethanol plants and mostly steady at interior elevators and other processors.

* Several soy processing plants have firmed their basis bids in recent days to draw in fresh crushing supplies ahead of the harvest.

* A large crusher in Decatur, Illinois, raised its spot soybean basis bid by 35 cents a bushel on Wednesday after lifting its bid by 25 cents late on Monday. The spot basis at 260 cents over Chicago Board of Trade November futures (SX2) was the highest spot bid in eight years.

* Rising soybean export demand supported basis bids at river terminals. The U.S. Department of Agriculture has confirmed 627,000 tonnes in new-crop soy sales to China over the past two days.

* Farmers and grain traders are monitoring results from a large Midwest crop tour this week. Crop scouts reported sub par corn and soy yield prospects in the western Midwest.

Basis values are quoted against CBOT futures in cts/bu:

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

--------------------------------------------------------

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 AM

- U.S. CIF/FOB Gulf Grain