Basis bids for corn shipped by barge to the US Gulf Coast were steady to firm Monday as slow farmer selling of old-crop grain kept supplies in the export pipeline thin, traders said. CIF soyaabean basis bids held mostly level, capped by rising futures prices but underpinned by steady export demand. CIF wheat basis bids were unchanged.
Rising soyaabean futures on the Chicago Board of Trade enticing some farmers to book new-crop sales. Corn sales remain very slow as prices remain below recent highs. Many producers focusing on planting this week, although rain expected in parts of the Corn Belt later in the week.
Farmer selling interest seen slowing considerably once planting accelerates in the days ahead. US corn was seen about 5 percent planted as of Sunday, according to a Reuters poll of 12 analysts. USDA may release corn seeding estimates Monday afternoon.
Private exporters sold 120,000 tonnes US soyaabeans to China for shipment in the current marketing year, USDA said on Monday. Tight nearby loading capacity in Brazil, where soyaa prices were currently lower, shifting some demand to the US if specific load times are needed, traders said.
CIF soyaabean basis bids for March and April loaded barges were steady at 60 cents a bushel over CBOT May futures. May barges were bid steady at 63 over. CIF corn basis bids for March and April barges were up about 2 cents at 58 cents a bushel over CBOT May futures. Spot bids on Friday dipped to 54 over, the lowest spot basis since early January. Soft red winter wheat CIF basis bids for March and April barges were steady at 62 cents over CBOT May futures.
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