US CIF corn barge basis values held mostly steady Monday but had a firm tone due to export sales last week, traders said. Soyabean basis values were also firm amid strong demand from domestic processing plants. Exports were still lagging due to cheaper supplies in South America.
Hard and soft red winter wheat basis values were unchanged amid news that Egypt's GASC bought 60,000 tonnes of US SRW wheat FOB and 60,000 tonnes US SRW wheat delivered in-country.
Iraq has yet to buy any wheat amid dwindling stocks for its state-run food program. Drought will leave Ukraine and Russia with little wheat for export, but Kazakhstan is prepared to fill gaps in grain supply. CIF corn for nearby shipment was bid 39 cents a bushel premium to CBOT July, up from bids of 37 cents over on Friday. Bids for deferred shipment periods were steady.
Exporters sold US corn last week amid a 50-cent per bushel drop in futures prices, traders said. The Korean Feed Association was expected to tender to buy US corn for October arrival this week if CBOT corn falls further. Ocean freight rates were rising again, which was keeping the delivered price of grain near record highs.
CIF soyabeans for nearby shipment were bid 14 cents a bushel premium to CBOT July, up from bids of 13 cents over on Friday. Bids for deferred shipment periods held steady, supported by strong demand from domestic processing plants.
Comments
Comments are closed for this article.