US FOB Gulf corn basis offers were steady on Thursday, while soyabeans were higher amid fresh export demand and slow farmer selling, traders said.
Frigid weather and snow in the Midwest put the brakes on already slow grain movement, the traders said.
Barge freight rates for this week were higher on the lower Mississippi River at St. Louis and the Illinois and lower Ohio rivers amid stepped up demand from exporters, traders said.
The increase in demand was fuelled by concerns that cold weather in the Midwest could tighten availability of vessels. There was already ice on the Illinois River at Peoria.
"Freight is going up because of the cold weather and concerns over river conditions," a trader said.
Freight traded at 500 percent of tariff on the Illinois River, up from 450 percent on Wednesday. Offers were 50-70 percent of tariff higher on the Mississippi and Ohio Rivers.
Soyabean basis offers were higher, supported by slow farmer selling and gains in the CIF barge market, traders said.
Traders said there was talk of China buying 1 to 2 Panamax cargoes of US soyabeans for January shipment.
The purchase come on the heels of solid bookings last week by Chinese processors. USDA said export sales of soya last week totalled 952,100 tonnes, with China booking 523,000 tonnes.
Corn basis offers were mostly steady, but fresh export demand was sluggish, traders said.
USDA said corn export sales totalled 694,300 tonnes last week, 14 percent higher than the previous week. Japan bought 332,600 tonnes and Taiwan 149,600 tonnes.
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