Corn bids weaker at US Gulf

Spot basis bids for corn shipped by barge to the US Gulf Coast were steady to weak on Monday, weighed down by adequate supplies in the pipeline and firm futures, while soyabean and wheat basis held mostly steady, traders said. Farmer selling was slow on Monday, with most producers more occupied with delivering previously contracted grain to elevators rather than booking fresh sales.
Farmers booked fairly large sales of new-crop corn and soyabeans last week and only minimal amounts of old-crop. Barge freight rates were flat with a weak tone early on Monday, traders said. CBOT corn and soyabean futures were called to open firm on Monday and wheat futures were seen sharply higher. USDA to release export inspections data later on Monday morning. Traders expect corn inspections of 29 to 33 million bushels, soyabeans at 35 to 40 million, wheat at 15 to 19 million.