Corn, soybean basis bids mostly steady

Spot basis bids for corn and soybeans were mostly steady at river terminals and grain elevators in the U.S. Midwest on Thursday, as according to a spot check of locations.

• Grain merchants at several Midwest elevators and processors said that farmer selling had slowed as prices slumped, particularly among wheat farmers.

• An Illinois flour mill lowered its wheat basis by more than the 17-cent spread between the September (WU25) and December (WZ25) CBOT wheat futures contracts, in effect lowering their cash wheat bid.

• Some grain facilities continued to roll their corn and wheat basis bids to the December futures contract (CZ25), (WZ25) from the September (CU25), (WU25) contract.

• U.S. soybean futures rebounded on late-session technical buying to end firm on Thursday after concerns about a lack of sales to top importer China had dragged the market to 3-1/2 week lows.

• Meanwhile, Chicago Board of Trade corn futures saw technical support, while wheat fell to fresh contract lows on ample global supplies.

Basis values are quoted against CBOT futures in cents/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-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