Strong overseas demand for corn supported nearby bids for supplies of the grain shipped by barge to the US Gulf as well as premiums for export loadings, traders said on Friday. The CIF market for soyabeans weakened following good movement of barges filled with the oilseed headed for the Gulf earlier this week.
FOB offers for soyabeans were steady. The FOB market for both soft red winter wheat and hard red winter wheat faced pressure from abundant global supplies. Shipping costs were steady to weak on US river limiting any gains made in the CIF market. Spot market barges on the Illinois River traded at 315 percent of tariff on Thursday, down 15 percentage points from Wednesday. Barge freight held steady on the lower Ohio River and the Mississippi River at St. Louis.
Spot CIF corn barges were bid 37 cents a bushel over Chicago Board of Trade December futures, up 1 cent from Thursday. First-half December barges were bid 42 cents over, down a penny. December corn shipments from the Gulf were offered at 56 cents over futures, 2 to 4 cents higher than Thursday's offers.
CIF soyabean barges loaded in December traded at 35 cents over CBOT January futures, down 1 cent. January soyabean barges traded at 39 cents over futures. December soyabean shipments from the Gulf were offered at 47 cents over futures, in line with Thursday. November SRW wheat barges were bid steady at 55 cents over CBOT December futures. Spot export premiums fell 5 cents to 80 cents over futures.
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