Export premiums for corn and soyabeans shipped from the US Gulf Coast were mostly steady to firm on Thursday, tracking gains in CIF barge basis values as a river-shipping disruption raised acquisition costs for exporters, traders said. CIF barge basis values were up as much as 3 cents a bushel in nearby loading positions on Thursday as a key stretch of the Mississippi River remained closed to shipping traffic about 130 miles south of St. Louis following a midweek barge accident near Thebes, Illinois.
The closure may last as long as another week as a sunken barge is pulled from the river's navigation channel, shipping sources said. US soyabean demand remained slow as top importer China continued to book purchases almost exclusively from South American suppliers. China booked another three cargoes of May and June soyabeans from Brazil on Thursday, a trader said.
Corn export demand from the United States has risen since prices hit 9-1/2-month lows last week. Regular US customers Colombia and Mexico are in the market for near-term shipments, traders said. Wheat premiums held unchanged in quiet trade. FOB corn offers for April shipment were about 52 cents over CBOT May futures, which ended 3-1/2 cents higher at $3.61-1/2 a bushel.
Soyabeans loaded in April were offered at around 38 cents a bushel over CBOT May futures, which closed 3-1/2 cents lower at $9.04-1/2 a bushel. Spot shipments of soft red winter wheat at the Gulf were offered at about 60 cents over CBOT May futures, which closed 6 cents lower at $4.57 a bushel. April hard red winter wheat offers were about 85 cents over May futures, which closed 7 cents lower at $4.54-1/4 a bushel.