Basis bids for hard red winter wheat delivered by rail to the US Gulf Coast were steady on Friday after firming a day earlier on fresh export demand, traders said. Basis bids for corn and soyabeans shipped by barge to the Gulf were steady, underpinned by a slow pace of farmer sales and harvest delays in parts of the Midwest.
China is expected to buy about 5 million tonnes of soyabeans from Brazil for the fourth quarter of 2017, two senior trade sources said, double the 2.49 million tonnes shipped over the same period last year. The US Department of Agriculture said private exporters sold 300,000 tonnes of US hard red winter wheat to Iraq for delivery in the 2017/18 marketing year.
The USDA said private exporters sold 102,400 tonnes of US corn to Mexico and another 135,000 tonnes to South Korea, all for delivery in the 2017/18 marketing year that began September 1. The USDA also said private exporters sold 251,000 tonnes of US sorghum to unknown destinations for delivery in 2017/18.
CIF Gulf soyabean barges loaded in November were bid at 9 cents over Chicago Board of Trade January futures. Spot FOB offers held at around 40 cents over January futures. Early November corn barges were bid at 32 cents above the CBOT December futures contract. Spot FOB corn offers were 51 cents over futures.
October soft red winter wheat barges were bid 61 cents over CBOT December futures. Spot export premiums were 80 cents over futures. October CIF hard red winter wheat bids were 210 cents over the K.C. December contract for 12 percent protein grain. Spot export premiums held steady at around 215 cents over futures.
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