US Gulf CIF soft wheat barge values for spot shipment rose sharply on Tuesday due to rain delaying the harvest of southern new-crop wheat and exporters needing supplies for vessels waiting to be loaded, traders said. SRW wheat for May shipment was bid at 50 cents discount to CBOT July, up from 80 cents discount for 1 percent dockage.
Bids for June unchanged at 100 cents discount. Corn and soyabean barge basis values unchanged.
Barge freight steady but expected to rise for a second week due to the upcoming wheat and rice harvests and higher fuel costs, traders said. Little farmer selling as producers focus on planting the last of the corn crop and getting soyabeans into the ground.
Ongoing labour strife in Argentina expected to boost US soyameal and soyaoil sales. US corn more expensive than supplies from Canada, Ukraine and Argentina, traders said.Large number of corn barges still on demurrage charges at the Gulf and not being unloaded. Ocean freight from the Gulf to Asian and other destinations remained high, keeping a lid on demand. Freight is $141 per tonne at the Gulf and $72 at the Pacific Northwest.