Soybean barge basis steady to weak, corn flat
Basis bids for soybeans shipped by barge to the U.S. Gulf Coast were mostly steady to weak on Friday on seasonally slowing demand, while CIF corn basis bids were largely unchanged, traders said.
Barge freight rates were narrowly mixed as improved near-term river shipping conditions anchored spot values while some deferred rates were underpinned by expected tight supplies of empty vessels.
Barge lines were able to increase vessel drafts at St. Louis and further upriver as water levels there rose late this week, traders said. Reduced barge drafts in recent days had limited the amount of grain that shippers can load.
Soybean export demand is slowing seasonally as newly harvested Brazilian beans are beginning to flood the market.
Wheat basis values at the Gulf were mostly flat on dull demand as rival exporters continue to offer shipments at lower prices.
Bids for CIF soybean barges loaded in February were a penny lower at 102 cents over Chicago Board of Trade (CBOT) March (SH3) futures.
FOB basis offers for February soybean shipments fell 5 cents to around 120 cents over March futures.
CIF corn barges loaded in February were bid unchanged at 85 cents over CBOT March corn (CH3) futures.
FOB offers for February corn shipments held at around 90 cents over CBOT March futures.