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Corn, soybean barge bids mostly flat ahead of lunar holiday

Basis bids for corn and soybeans shipped by barge to the U.S. Gulf Coast were relatively steady on Friday, as traders anticipated slowing demand ahead of the Lunar New Year holiday, dealers said.

The annual celebration is celebrated with widespread festivals, feasts and travel in China, southeast Asia and beyond. This year, the Lunar New Year falls on Jan. 22.

On Friday, the corn market remained relatively quiet, traders said, amid sluggish export demand.

Meanwhile, soybean offers were also flat to somewhat weaker, after a flurry of activity at the start of the year, they said.

CIF Gulf soybean barges loaded in January were bid on Thursday at 110 cents over Chicago Board of Trade (CBOT) March (SH3) futures, steady from Thursday. February soy barges slipped down 2 cents, bid at 98 cents over March futures.

FOB offers for February soybean shipments were steady at about 130 cents over March (SH3) futures.

Corn barges loaded in January were bid at 75 cents over CBOT March (CH3) futures, down 1 cent from Thursday. February corn barges were bid at 82 cents over March futures, steady from the day prior.

FOB offers for February corn shipments were around 88 cents over March futures, steady from Thursday.
Source: Reuters

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