US FOB Gulf corn, soyabean bids firmer on strong demand

12 Aug, 2017

CIF basis bids for corn and soyabeans shipped by barge to the US Gulf Coast were firmer on Wednesday on strong demand from at least one major exporter, traders said. Higher CIF basis values supported higher FOB basis offers for corn and underpinned soyabean basis offers at Gulf terminals. Firm South American prices for both commodities due to slow farmer selling also underpinned values, traders said.
CIF corn bids jumped by as much as 4 cents a bushel while soyabean bids rose by up to 2 cents a bushel as a large exporter covered recent export commitments. Some of the support in CIF corn also stemmed from expectations for grain sales to be loaded from the United States instead of Brazil, a trader said. CIF corn bids for barges loaded in August were bid 4 cents higher at 27 cents above the Chicago Board of Trade September contract. Spot barges traded at 25, 27 and 28 cents over futures, and September barges traded up to 32 cents over futures, traders said.
CIF soyabeans loaded in August were bid 2 cents higher at 48 cents over the CBOT November futures contract. September barges traded at 48 cents over futures. CIF hard red winter wheat bids were 131 cents over the K.C. September contract for spot shipments while soft red winter wheat bids held at 35 cents over CBOT September futures.
Spot corn FOB offers were steady at 45 cents over CBOT September futures. Deferred shipments were offered 2 cents higher. Spot FOB offers for soyabeans were up 1 cent at 57 cents over CBOT November futures while deferred offers were unchanged. Spot FOB offers for soft red winter wheat were 55 cents over CBOT September wheat futures.

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