Basis bids for corn and soyabeans shipped by barge to the US Gulf Coast were steady to firmer on Thursday, supported by slow farmer sales and better export demand for the crops, traders said. A three-month low in Chicago Board of Trade soyabean futures brought farmer soyabean sales to a virtual halt while corn sales remained minimal in the wake of last week's life-of-contract lows in futures.
The US Department of Agriculture earlier showed weekly export sales of corn and wheat above analyst estimates and soyabean export sales within estimates. CIF bids for soyabean barges loaded this month were up about 3 cents at 35 cents a bushel over CBOT January futures. FOB Gulf offers for January soyabean shipments were 50 cents over January futures while February and March offers were 42 cents over CBOT March.
Bids for corn barges loaded in late December held at 27 cents above CBOT March futures. FOB basis offers for January corn shipments were 50 cents over futures.m Bids for soft red winter wheat barges loaded in December were nominally down 5 cents to 45 cents per bushel over CBOT March futures. FOB Gulf export offers for January shipments were flat at 70 cents over futures. December CIF hard red winter wheat bids were unchanged at 225 cents over the K.C. March contract for 12 percent protein grain. January export offers were quoted around 240 cents over futures.
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