Basis bids for soyabeans shipped by barge to the US Gulf Coast were narrowly lower on Wednesday as demand ebbed and farmers increased sales following a futures rally, traders said. Chicago Board of Trade January soyabeans hit a roughly two-week high on technical buying, enticing scattered farmer sales. Shippers on the upper Mississippi River also boosted barge offerings ahead of the end of the shipping season when parts of the waterway become impassable due to ice.
Trading volume in cash markets was relatively limited, however, with some dealers travelling ahead of Thursday's US Thanksgiving Day holiday. Weekly US export sales will be released by the Department of Agriculture on Friday, delayed one day due to the holiday. Barge freight costs were flat. CIF soyabean barges loaded in the last half of November were bid at about 19 cents over CBOT January futures, down about 2 cents from bids earlier on Wednesday and below trades of 24 cents on Tuesday.
December soyabean shipments from the Gulf were offered at 47 cents over futures. Spot CIF corn barges were bid unchanged at 39 cents a bushel over CBOT December futures. December corn shipments from the Gulf were offered steady at 56 cents over futures. November soft red winter wheat barges were bid steady at 55 cents over CBOT December futures and December export premiums were steady at 75 cents over futures.
November CIF hard red winter wheat bids were steady at 225 cents over the K.C. December contract for 12 percent protein grain while loadings in January, February and March were up 6 cents to 210 cents over K.C. March futures.