Cash bids for corn firmed in at river locations in the US Midwest on Thursday, reflecting exporter demand at the US Gulf, while soyabean bids were mostly flat, dealers said. Farmer selling of both commodities was subdued despite a jump in Chicago Board of Trade corn futures. The corn basis rose for a third straight day on the Illinois and Mississippi rivers, climbing 2 to 3 cents as CIF corn values rose at the Gulf.
Barge freight costs rebounded after falling for several days, turning up as several commercial grain firms sought to book freight for April and May, possibly due to fresh export business. The biggest jump in barge freight was on the Illinois where barges for next week were offered at 485 percent of tariff, up 25 points from Wednesday.
Elsewhere, the rail corn basis at Hereford, Texas, rose 3 cents, and Chicago elevators raised the soyabean basis by 2 cents. USDA reported export sales of US corn in the latest week at 895,100 tonnes, within the range of estimates for 750,000 to 1 million tonnes. USDA pegged export sales of US soyabeans in the latest week at 264,700 tonnes, within the range of estimates for 250,000 to 450,000 tonnes.
USDA reported export sales of US wheat in the latest week at 745,800 tonnes, within the range of estimates for 500,000 to 800,000 tonnes. US Census Bureau reported the US February soya crush at 129.44 million bushels, in line with trade estimates but down sharply from 149.17 million in January. CBOT corn soared to a two-week high, rising above $7 a bushel, on spillover support from surging wheat and a renewed rumour China had bought US corn.
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