US Cash Grains-Soy, corn basis mostly steady after wave of farmer sales

ReutersJan 16, 2025 8:55 PM

CHICAGO, Jan 16 (Reuters) - Basis bids for soybeans and corn were mostly unchanged in the U.S. Midwest on Thursday following a wave of farmer grain sales after the benchmark futures contract touched its highest level in a year this week.

* The soy basis rose at an Indiana crush plant and was steady at other locations, spot checks showed.

* The corn basis edged down at an Iowa elevator and was unchanged elsewhere.

* A report from the National Oilseed Processors Association (NOPA) said its members, who account for at least 95% of U.S.-processed soybeans, crushed 206.604 million bushels of the oilseed last month, a record amount.

* Soybeans and corn futures fell on expectations that weekend showers in Argentina may ease crop stress. Argentine farmers' groups have asked the government to offer tax cuts for the sector, which they said was in a "critical" situation due to a drought.

* Heavy farmer selling has pressured futures prices and basis values, dealers said.

* CBOT benchmark corn futures Cv1 settled down 4-1/4 cents at $4.74-1/2 per bushel.

* CBOT benchmark soybeans Sv1 settled down 23-3/4 cents, or 2.3%, at $10.19 per bushel.

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

	Current			Previous
ELEVATORS	Bid			Bid
Chicago, Illinois
Corn processors	-2	+	H	-2	+	H	UNC
Corn elevators	-5	+	H	-5	+	H	UNC
Soybean elevators	-10	+	H	-10	+	H	UNC
Wheat elevators	+5	+	H	+5	+	H	UNC
Wheat processors	+5	+	H	+5	+	H	UNC
Decatur IL corn	+0	+	H	+0	+	H	UNC
Decatur IL soybeans	-5	+	H	-5	+	H	UNC
Burns Harbor IN corn	UNQ			UNQ			UNC
Burns Harbor IN soy	UNQ			UNQ			UNC
Lafayette IN soy	+0	+	H	-10	+	H	UP 10
Toledo OH (port)
Corn	-23	+	H	-23	+	H	UNC
Soy	-22	+	H	-22	+	H	UNC
SRW wheat	-30	+	H	-30	+	H	UNC
Davenport IA (river)
Corn	-28	+	H	-28	+	H	UNC
Soy	-25	+	H	-25	+	H	UNC
Evansville IN (rail)
15-car CSX corn	UNQ			UNQ			UNC
Cincinnati OH (rail)
3-car corn	UNQ			UNQ			UNC
Hereford TX corn	+130	+	H	+130	+	H	UNC
Columbus OH (rail)
3-car corn	+11	+	H	+11	+	H	UNC
Morris IL (river)
Corn	-14	+	H	-14	+	H	UNC
Soybeans	-10	+	H	-10	+	H	UNC
Fort Worth TX corn	+130	+	H	+130	+	H	UNC
Blair NE corn	-14	+	H	-14	+	H	UNC
Council Bluffs, IA (elevator)
Corn	-15	+	H	-13	+	H	DN 2
Soy	-42	+	H	-42	+	H	UNC
Des Moines IA soy	-30	+	H	-30	+	H	UNC
Sioux City IA soy	-35	+	H	-35	+	H	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-AM

For U.S. forward basis spreadsheets, please click on:

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 AM GRA/M

- U.S. CIF/FOB Gulf Grain GRA/F

(Reporting by Heather Schlitz; Editing by Richard Chang)

((Heather.Schlitz@thomsonreuters.com))

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