Basis bids for corn shipped by barge to the US Gulf weakened on Thursday, with dealers expecting heavy deliveries of previously contracted grain to arrive at river elevators in the coming days. Weak demand on the export market also weighed on corn bids, a trader said.
Export demand supported soyabean bids, which firmed amid active trading of soyabean barges. A grain dealer said that soyabean barges scheduled for loading in the last half of December traded at 33 cents over and 35 cents over the Chicago Board of Trade January soyabean futures contract. January loadings traded at 37 cents over, 38 cents over and 40 cents over CBOT January.
Soya barges loaded in the last half of December were bid at 33 cents over CBOT January soyabean futures, up 5 cents from Wednesday. December soyabean ocean shipments from the Gulf were steady at 40 cents over futures. CIF bids for corn barges for first-half December delivery were bid at 20 cents over CBOT March futures, down 6 cents from Wednesday afternoon, and offers for Gulf export shipments were unchanged at 48 cents over CBOT March.
Bids for soft red winter wheat barges shipped in December were steady at 45 cents per bushel over CBOT March futures while export offers held at 65 cents over futures. December CIF HRW wheat bids were unchanged at 225 cents over the K.C. March contract for 12 percent protein grain. Export offers were about 245 cents over futures but traders said that was a nominal quote as the market was thinly traded.