US Cash Grains-Corn firm on river, soy holds on sales pickup
March 9 (Reuters) - Corn spot basis bids were firm at river terminals around the U.S. Midwest on Friday and held steady at interior points, supported by limited farmer offerings as futures failed to post a new high even as they rallied more than 1 percent. * Soybean futures touched a 5-1/2 month high early in Friday's session, spurring farmer sales. Soy basis bids were narrowly mixed on the rivers -- firm on the Illinois, weak on the Mississippi -- and flat at interior processors and elevators. * Farmers were active sellers of soybeans, with a larger volume of new-crop soybeans sold than old-crop as cash prices topped the price targets of $12.75 to $12.80 per bushel for delivery during the autumn harvest, dealers in Iowa and Ohio said. * Soy futures rallied on Friday after USDA cut its South American production forecast more than traders expected, but futures ended slightly lower as traders took profits following the sharp gains. * Some growers were working in the fields, prepping soils for the coming spring planting season. There was little, if any, corn planting yet in the Midwest despite unseasonably warm temperatures; many growers are not willing to risk losing young plants to a late-winter or early-spring freeze. * Farmers were also dumping truckloads of corn and soybeans to meet March commitments, with the better supplies pressuring basis bids this week. * The corn basis is hovering near the lowest levels in about a month at several locations in Illinois, Indiana and Ohio, while the soy basis in Council Bluffs, Iowa, is at the lowest point since January. Prices at 2:05 p.m. CST (1805 GMT) LAST NET PCT YTD CHG CHG CHG CBOT corn 645.00 9.50 1.5% -0.2% CBOT soy 1337.75 -0.75 -0.1% 11.6% CBOT meal 362.70 -4.50 -1.2% 17.2% CBOT soyoil 54.27 0.88 1.7% 4.2% CBOT wheat 643.00 8.25 1.3% -1.5% Basis Prev Cash price Chicago, Illinois Corn processors +17 + K +17 + K 6.6200 Corn elevators -7 + K -7 + K 6.3800 Soybean -3 + K -3 + K 13.3475 elevators Wheat elevators +0 + K +0 + K 6.4300 Wheat processors -5 + K -5 + K 6.3800 Decatur IL corn +25 + K +25 + K 6.7000 Decatur IL +8 + K +8 + K 13.4575 soybeans Burns Harbor IN -7 + K -7 + K 6.3800 corn Burns Harbor soy -7 + K -7 + K 13.3075 Lafayette IN soy +0 + K +0 + K 13.3775 Toledo, Ohio (port) Corn +9 + K +9 + K 6.5400 Soybeans -15 + K -15 + K 13.2275 SRW wheat (DP) +7 + K +7 + K 6.5000 Davenport, Iowa (river) Corn +3 + K -3 + K 6.4800 Soybeans -9 + K -8 + K 13.2875 Evansville, Ind (rail) 15-car CSX Corn +20 + K +20 + K 6.6500 Cincinnati, Ohio (rail) 3-car Corn +20 + K +20 + K 6.6500 Hereford, Texas (rail) Corn +84 + K +84 + K 7.2900 Columbus, Ohio (rail) 3-car Corn +23 + K +23 + K 6.6800 Morris, Illinois (river) Corn +11.5 + K +10. + K 6.5650 5 Soybeans -1 + K -2 + K 13.3675 Fort Worth, Texas Corn +104 + K +104 + K 7.4900 Blair, Nebraska Corn -5 + K -4 + K 6.4000 Council Bluffs, Iowa Yellow corn +3 + K +3 + K 6.4800 Soybeans -34 + K -34 + K 13.0375 Des Moines, Iowa Soybeans -45 + K -45 + K 12.9275 Sioux City, Iowa Soybeans -40 + K -40 + K 12.9775 (Reporting by Michael Hirtzer in Chicago; Editing by Meredith Mazzilli)
