Basis bids for corn and soyabeans delivered by barge to US Gulf Coast export terminals were steady to firm on Thursday while wheat bids were unchanged, traders said. Corn export premiums were firm on rising demand as low prices have attracted buyers. Net US corn export sales last week of nearly 3 million tonnes were the largest in 5-1/2 years, fueled by strong demand from major importer Mexico.
Traders noted rising demand for corn shipments in the first quarter of 2018, with CIF basis bids for January through March up at least 3 cents a bushel this week. The US Department of Agriculture raised its 2017/18 US corn export forecast by 75 million bushels in a monthly report on Thursday. However, sales and shipments in the season to date remain more than 21 percent behind last year. Soyabean export premiums were steady to firm, while wheat FOB basis offers were unchanged.
Early November corn barge bids were steady at 34 cents above the Chicago Board of Trade December futures contract. Spot FOB corn offers were 54 cents over futures. Soya barges loaded in the second half of this month were bid a penny higher at 33 cents over CBOT January futures. Spot FOB Gulf soyabean offers were around 46 cents over futures. November SRW wheat barges were bid steady at 55 cents over CBOT December futures. Spot export premiums were 80 cents over futures.
November CIF HRW wheat bids were 210 cents over the K.C. December contract for 12 percent protein grain. Spot export premiums were 5 cents higher at around 220 cents over futures.