Basis bids for corn shipped by barge to the US Gulf Coast spiked on Wednesday to their highest levels since March, boosted by slow shipments on some sections of Midwest rivers that remain frozen, traders said. Better demand, as US corn was competitively priced in global markets, also supported bids for corn arriving on barges to Gulf Coast export terminals.
Bids for corn barges loaded in January were up 3 cents to 47 cents per bushel above Chicago Board of Trade March futures. FOB basis offers for January corn shipments were about 63 cents over futures, down 5 cents. Soybean barge bids weakened by about 2 cents to 40 cents above CBOT March soybeans amid sufficient supplies already in the export pipeline. FOB Gulf soybean offers for January soybean shipments were about 56 cents over CBOT March futures.
Bids for soft red winter wheat barges loaded in January were steady from earlier on Wednesday at 55 cents per bushel over CBOT March futures. January CIF hard red winter wheat bids were down for the second straight day, easing 10 cents to 230 cents over the K.C. March contract for 12 percent protein grain.