Export premiums for corn and soyabeans were steady to higher at the US Gulf Coast on Thursday, supported by strong international demand and following recent gains in the barge market, traders said. Shipping costs for barges bound for the Gulf reached multiweek highs earlier this week before stabilizing. The supply of available vessels tightened, forcing grain handlers to more aggressively bid for empty barges.
Export demand for US soya and corn also was likely to remain strong until South American supplies come on line early in 2016, further underpinning Gulf premiums. Premiums for soft red winter wheat had a weak tone as demand for that US wheat variety remained lackluster.
November soyabean offers were up around 2 cents to 74 cents a bushel over Chicago Board of Trade November futures, which closed 4-1/4 cents higher at $10.14-1/4 a bushel. November corn shipments were offered 8 cents higher to 78 cents over CBOT December futures, which closed 3-1/2 cents higher at $3.57-1/2 a bushel. November soft red winter wheat shipments eased roughly 5 cents to 90 cents over CBOT December futures, which settled 3 cents higher at $4.14-1/2 a bushel.