Spot basis bids for soybeans shipped by barge to U.S. Gulf Coast terminals firmed on Monday on renewed demand from China, while corn barge basis bids were mostly unchanged, traders said.
China's state-owned trader COFCO bought at least five cargoes of U.S. soybeans for shipment from Gulf Coast and Pacific Northwest ports from September to November, traders said. The sales represented China's largest new-crop U.S. soy purchases so far this season.
CIF soybean barges loaded in July were bid at 80 cents over CBOT August soybean futures (SQ26) futures, about steady with late last week. August soy barges traded at 104 cents over futures, up 4 cents from bids early on the day. September barges traded as high as 94 cents over November futures (SX26), up 4 cents from early-session bids.
FOB offers for August soybean shipments from the Gulf were unchanged at 108 cents over CBOT August futures.
CIF corn barges loaded in July traded at 94 cents over CBOT July futures (CN26), steady with early-session bids. August corn barges were bid 98 cents over September futures (CU26), also unchanged.
FOB export premiums for Gulf corn vessels loaded in the first half of August were 112 cents over September futures, while last-half August loadings were bid at 116 cents over futures, up from offers late last week of around 106 cents over futures for full-month August loadings.
For displays of CIF basis, click on the codes in brackets:
U.S. CIF Gulf soybeans (GRYM)
U.S. CIF Gulf corn (GRYN)
U.S. CIF Gulf SRW wheat (GRYO)
U.S. CIF Gulf HRW wheat (GRYP)
For displays of FOB basis, please click on the following codes in brackets:
U.S. FOB Gulf corn (GRZC)
U.S. FOB Gulf soybeans (GRZD)
U.S. FOB Gulf SRW wheat (GRZE)
U.S. FOB Gulf HRW wheat (GRZF)
LINKS
U.S. barge freight
U.S. export sales estimates
U.S. grain export summary
Brazil soybean export prices (SYBS)
Brazil corn export prices (SYBX)
Argentina grain prices (GRA/ARG)
Russia grain prices (GRA/RU)