Basis bids for soyabeans shipped by barge to the US Gulf Coast firmed on Tuesday, rebounding from Monday's 1-1/2-week low on a slight pickup in exporter demand and a continued slow pace of farmer offerings, traders said. CIF corn basis bids were flat in nearby loading positions and weaker in deferred months, reflecting scattered farmer sales. Wet corn is piling up in the US Midwest, boosting premiums for dry grain and raising costs for exporters who already have been undercut in global markets by cheaper Argentine supplies, traders said.
Shipping costs eased on Midwest rivers due to slowing demand for barges ahead of the US Thanksgiving holiday. Spot CIF corn barges were bid 39 cents a bushel over Chicago Board of Trade December futures, unchanged from earlier on Tuesday. December corn shipments from the Gulf were offered steady at 56 cents over futures.
CIF soyabean barges loaded in the last half of November traded at 24 cents over CBOT January futures. December soyabean barges were bid up 4 cents at 34 cents over futures. December soyabean shipments from the Gulf were offered at 47 cents over futures. November soft red winter wheat barges were bid steady at 55 cents over CBOT December futures and December export premiums were steady at 75 cents over futures. November CIF HRW wheat bids were steady at 225 cents over the K.C. December contract for 12 percent protein grain.
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