US FOB Gulf corn basis offers rose for a second day on Friday as exporters continued to buy corn in the barge market, traders said. Soyabean and wheat basis offers held steady and have changed little all week. Corn export premiums for early June climbed to 45 cents a bushel premium to CBOT July, up from 37 cents premium a week ago.
Basis offers for later shipment periods rose as steeply. The last half of June was offered at 44 cents premium, up from 37 cents premium a week ago. August was offered at 46 cents premium to CBOT September, up from 42 cents premium last Friday.
Corn supplies in the barge market has been tight due to week of little farmer selling. Farmers were looking for futures prices of well above $4 per bushel. CBOT July corn closed at $3.76 on Friday.