Spot basis bids for corn and soybeans weakened at U.S. Midwest elevators and processing plants on Friday after farmers recently increased crop sales.
Farmers booked sales this week after corn and soybean futures prices set two-month highs on the Chicago Board of Trade.
Corn futures were flat on Friday, while soybean futures rose on Chinese demand for U.S. supplies and spillover support from higher oil prices.
Ethanol plants in Linden, Indiana, and Council Bluffs, Iowa, each cut their spot corn basis bids by 3 cents a bushel.
Processors in Decatur, Indiana, and Lafayette, Indiana, both dropped their spot soybean basis bids by 5 cents.
Smoke from Canadian wildfires covered a swath of the Midwest.
Some analysts said condition ratings for corn and soy crops may ease in a weekly U.S. Department of Agriculture report due on Monday following hot, dry weather this week.
Basis values are quoted against CBOT futures in cents per bushel.
Quoted basis values by location and facility type
Elevators
Location
Corn
Move
Soybeans
Move
Cincinnati, Ohio
+17
Down 1
+20
Up 1
Burns Harbor, Indiana
Unquoted
Unchanged
Unquoted
Unchanged
Decatur, Indiana
Unquoted
Unchanged
Unquoted
Unchanged
Des Moines, Iowa
Unquoted
Unchanged
Unquoted
Unchanged
Lincoln, Nebraska
-25
Unchanged
-25
Unchanged
Processors
Location
Corn
Move
Soybeans
Move
Decatur, Illinois
+14
Unchanged
+35
Unchanged
Decatur, Indiana
—
—
+10
Down 5
Morristown, Indiana
—
—
+25
Unchanged
Lafayette, Indiana
—
—
+15
Down 5
Cedar Rapids, Iowa
-10
Unchanged
+5
Unchanged
Council Bluffs, Iowa
—
—
+10
Unchanged
Lincoln, Nebraska
—
—
+10
Unchanged
Blair, Nebraska
-17
Unchanged
—
—
River terminals
Location
Corn
Move
Soybeans
Move
Toledo, Ohio
+15
Unchanged
+10
Unchanged
Seneca, Illinois
-6
Down 5
+0
Down 3
Savanna, Illinois
-26
Unchanged
-41
Unchanged
Davenport, Iowa
-20
Unchanged
-20
Unchanged
Ethanol plants
Location
Corn
Move
Linden, Indiana
+17
Down 3
Union City, Indiana
+35
Unchanged
Annawan, Illinois
-5
Unchanged
Council Bluffs, Iowa
-12
Down 3
SRW wheat
Location
Basis
Move
Toledo, Ohio
-10
Down 10
Cincinnati, Ohio
-22
Unchanged
Decatur, Indiana
-20
Unchanged
Burns Harbor, Indiana
Unquoted
Unchanged
NOTE: 0 = option price, UNC = unchanged, UNQ = unquoted; NC = not comparable, DP = delayed price, N/A = not available. Futures month codes: F = January, H = March, K = May, N = July, Q = August, U = September, X = November, Z = December.
DBA•
