Basis bids for corn shipped by barge to the US Gulf Coast were mostly steady to weaker on Wednesday, anchored by rising futures prices, traders said. CIF soyabean basis bids were mostly steady to firm on tight spot supplies, while CIF wheat basis bids were flat to lower. Barge movement on much of the northern Illinois River remains restricted by ice, limiting the volume of corn and soyabeans available to exporters.
Towing vessel configurations are restricted to nine barges on the Illinois south of Hennepin, down from 15 barges normally, a barge broker said. Icy conditions are also limiting tow sizes on the Mississippi River around St. Louis, traders said. Spot barge freight rates were unchanged on the Illinois and mid-Mississippi rivers, but slightly weaker on the lower Ohio River, where the supply of empty barges has grown amid ice issues on more northern rivers. Export premiums for corn, soyabeans and wheat were mostly unchanged. Traders are anticipating a rise in demand amid a steep drop in the US dollar in recent days.
The US Department of Agriculture on Wednesday confirmed private sales of 130,000 tonnes of US soyabeans to unknown destinations for 2018/19 shipment. South Korea's NOFI bought 137,000 tonnes of corn and 65,000 tonnes of feed wheat via a tender. Corn barges loaded in January were bid 48 cents a bushel over Chicago Board of Trade March futures, down 2 cents from trades on Tuesday.
January export loading capacity at the Gulf was largely sold out. February corn export shipments were offered at 60 cents over futures. Soyabean barges loaded in January traded at 43 cents over CBOT March futures, up 3 cents from bids late on Tuesday. Bids for January soyabean barges loaded along the lower Ohio River or on the Mississippi from St. Louis and south were at a 3-cent premium to January barges with no loading location specifications, traders said.
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