Basis bids for soyabeans shipped by barge to the US Gulf Coast were steady to slightly higher on Thursday, supported by better-than-expected weekly export sales and declines in futures prices, traders said. The US Department of Agriculture said more than 2 million tonnes of soyabeans were sold for export last week, above analysts' expectations for 1 million to 1.65 million tonnes.
Export sales of corn and wheat were near the lowest end of analyst estimates. Soyabean, corn and wheat futures all were lower for the second straight session at the Chicago Board of Trade (CBOT), which kept farmer sales to a minimum and underpinned cash bids.
Barge freight costs firmed as low water levels on some sections of Midwest rivers forced shippers to run lighter loads. Lock and Dam 52 on the lower Ohio River near Paducah, Kentucky, was closed after a barge ran aground in the receding waters, halting vessel traffic. Soyabean barges loaded in the first half of December were bid at about 16 cents over CBOT January soyabean futures, up about 3 cents from Wednesday. December soyabean shipments from the Gulf were offered at 40 cents over futures.
CIF corn barges for first-half December delivery were bid at 27 cents over CBOT March futures. December corn Gulf export shipments were offered at about 48 cents over CBOT March. Bids for soft red winter wheat barges shipped in December were steady at about 50 cents per bushel over CBOT March futures and export offerings this month at 65 cents over futures.
December CIF hard red winter wheat bids were down 5 cents at 235 cents over the K.C. March contract for 12 percent protein grain. Nominal export offers were about 245 cents over futures.
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