Corn basis premiums rose in the US river market on Thursday, with demand on the rise from exporters amid slow country movement in recent weeks. Export premiums for corn held steady for bulk ocean vessels. Soyabean premiums were flat, both on the US river barge and bulk ocean vessel markets. A trader said that the US soya market was quiet due to plentiful supplies in South America following a bumper Brazil harvest.
CBOT corn futures weakened to their lowest level in nearly six weeks on Thursday. That drop, coupled with expectations that the US Agriculture Department could trim its corn yield view, limited farmer deals for both old-crop and new-crop corn. CIF corn bids for barges loaded in July and August were bid 27 cents above the CBOT September contract, up 3 cents from Wednesday.
CIF basis bids for soyabeans loaded in August were about 42 cents over the Chicago Board of Trade November futures contract. CIF hard red winter wheat bids were 110 cents over the K.C. September contract for spot shipments while soft red winter wheat bids held at 40 cents over CBOT September futures.
Spot FOB offers for soyabeans were 54 cents over CBOT November futures. Corn export premiums were unchanged at 39 cents over CBOT September futures. Spot FOB offers for soft red winter wheat were 57 cents over CBOT September wheat futures. Spot FOB offers for hard red winter wheat were 140 cents over K.C. September wheat futures.
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