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Basis bids for soyabeans delivered by barge to US Gulf Coast export terminals were mostly lower on Tuesday, weighed down by weak freight costs and adequate supplies following a record-large US harvest, traders said. Export premiums were mostly flat as US shipments face competitively priced Brazilian soya cargoes. CIF corn basis bids were weaker in nearby loading positions on ample grain supplies and slightly firmer in deferred months.
Corn export premiums were steady to firm on improved demand from some price-sensitive importers, including South Korea, following a drop in futures prices. Chicago Board of Trade corn futures fell to contract lows on Tuesday on big supplies. Barge freight rates on Midwest rivers weakened for a second straight day on Tuesday as improving shipping logistics freed up more empty barges, traders said.
Barge tows have been transiting the area near lock and dam 52 on the lower Ohio River during daylight hours only after high water had halted shipping there for several days last week. Five vessels heading upriver are waiting to pass on Tuesday afternoon, down from a backlog of 44 ahead of the reopening. Spot barges were bid at 340 percent of tariff on the Illinois River, down 10 points from Monday. Spot rates were 5 points lower on the Mississippi River at St. Louis at 250 percent of tariff.
CIF soyabean barges loaded in late November traded at 34 cents over the CBOT January contract while December barges traded at 38 cents over futures, both down 2 cents. Spot FOB Gulf soyabean offers were around 49 cents over futures. Early November corn barge bids held steady at 36 cents above the CBOT December futures contract. Spot FOB corn offers were 54 cents over futures. November SRW wheat barges were bid steady at 55 cents over CBOT December futures. Spot export premiums were 80 cents over futures.
November CIF HRW wheat bids were 208 cents over the K.C. December contract for 12 percent protein grain. Spot export premiums were around 220 cents over futures.

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