CIF bids for corn barges shipped to the US Gulf and export premiums for the yellow grain rose on Thursday, supported by tight supplies in South America, traders said. Overseas demand for corn was focused on the United States, where supplies were plentiful due to the recent bumper harvest. The CIF market for soyabeans was weak, while FOB offers for the oilseed held steady.
Traders said there were still Brazilian soyabeans available for sale on the export market. CIF bids and FOB offers for wheat steadied after firming on Wednesday. Spot CIF corn barges were bid 3 cents higher at 39 cents a bushel over the Chicago Board of Trade December futures contract.
December corn export shipments from the Gulf were offered at about 57 cents over CBOT March, 4 cents higher than Wednesday. US CIF soyabean barges loaded this month were bid at 15 cents over CBOT January futures, down 5 cents from late Wednesday. December barges were 3 cents lower at 24 cents over futures.
December soyabean shipments from the Gulf were offered at 44 cents over futures, steady with Wednesday's offers. November soft red winter wheat barges were bid at 65 cents over CBOT December futures, unchanged from Wednesday. December export premiums were steady at 75 cents over futures. November CIF hard red winter wheat bids were unchanged at 215 cents over the K.C. March contract for 12 percent protein grain. December export shipments were nominally offered around 220 cents over futures, 15 cents lower than Wednesday.