CIF corn bids firmed on the spot market on Wednesday afternoon, rebounding from a drop earlier in the week, due to tight capacity on barges headed for the US Gulf, traders said. FOB corn export premiums also firmed for the rest of October as little space was available for fresh loadings at shipping terminals. Corn values eased slightly for November, with demand weak due to the heavy movement during October.
CIF Gulf corn barges loaded in November traded at 23 cents a bushel over Chicago Board of Trade December futures. CIF bids for soyabean barges on the spot market steadied at recent lows. FOB soyabean offers also were unchanged. A CIF market trader said the abundant harvest supplies could hang over the market for months. Bids and offers for soft red winter wheat were flat on both the CIF and FOB markets.
CIF bids for hard red winter wheat firmed along with FOB offers. October corn barges were bid at 25 cents above the CBOT December futures contract, up 1 cent from Wednesday morning. FOB corn offers for November loadings were 46 cents over futures. CIF bids for soyabean barges shipped in October were unchanged at 13 cents over CBOT November futures. Early November FOB soyabean export offers were about 44 cents over futures. October soft red winter wheat barges were bid 52 cents over CBOT December futures. Spot export premiums were 85 cents over futures.
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