Basis bids for soyabeans shipped by barge to the US Gulf Coast edged higher on Friday, supported by good demand, while corn and wheat bids held mostly steady, traders said. Barge shipping remained disrupted at lock 52 on the lower Ohio River as the lock was not operating in high-water conditions. Receding river levels could prompt a restart of shipping over the weekend, traders said. Nearly 50 vessels were waiting to transit the area.
Export premiums for corn, soya and wheat were mostly steady. Soyabean export sales topped trade expectations last week as top importer China booked more than 1 million tonnes in shipments, according to US Agriculture Department data. China imported 8.1 million tonnes of soyabeans last month, up 12.7 percent from a year ago, on strong soyameal demand from hog producers and good crush margins.
Corn export sales also topped trade forecasts at about 1.6 million tonnes, but wheat sales fell short of estimates. South Korea's KOCOPIA bought about 60,000 tonnes of US corn via a tender on Friday. CIF October soyabean barge bids were 2 cents higher at 25 cents over Chicago Board of Trade November futures. Spot FOB offers were around 50 cents over futures.
Bids for October corn barges were 2 cents higher at 25 cents above the CBOT December futures contract. FOB corn offers for early November loadings were about 50 cents over futures. October soft red winter wheat barges were bid 50 cents over CBOT December futures. Spot FOB Gulf offers were 85 cents over December futures.