CIF/FOB Gulf Grain-Corn barge bids ease as shippers focus on soybeans
CHICAGO, Nov 6 (Reuters) - Basis bids for corn shipped by barge to the US Gulf Coast declined on Friday, despite a slowdown in farmer offerings, as Gulf exporters remained busy shipping soybeans, traders said.
China continues to book US soybeans. The US Department of Agriculture confirmed private sales of 136,000 metric tons of soybeans to China under its daily reporting rules, along with sales of 101,000 tons of corn to undisclosed destinations.
China has committed to purchasing at least 25 million metric tons of US soybeans for the 2026-27 marketing year that began on September 1. By October 22, China had purchased 15.1 million tons of US soy and shipped 5.9 million tons, according to a report issued this week by the USDA's Foreign Agricultural Service.
The Midwest harvest is winding down, but rains earlier this week slowed the last stages of fieldwork. Drier weather was expected through next week.
Growers in western Illinois and eastern Missouri were about three weeks from completing the harvest, one merchandiser said.
Farmer grain sales stalled this week as Chicago Board of Trade corn and soybean futures hit multimonth lows. "The farmer is super disengaged," one broker said.
At the Gulf, CIF corn barges loaded in November were bid at 86 cents over Chicago Board of Trade December futures, down 3 cents from Thursday.
FOB export premiums for Gulf corn vessels loaded in December held steady at around 110 cents over futures.
For soybeans, CIF barges loaded in November were bid at 105 cents over CBOT January soybean futures, down 1 cent from Thursday.
FOB export premiums for Gulf soybeans loaded in December were steady at about 118 cents over January futures.
Ahead of the USDA's monthly supply/demand report on November 10, analysts on average expected the agency to lower its US corn yield estimate and raise its soybean yield estimate.
For displays of CIF basis, click on the codes in brackets:
US CIF Gulf soybeans
US CIF Gulf corn
US CIF Gulf SRW wheat
US CIF Gulf HRW wheat
For displays of FOB basis, please click on the following codes in brackets:
US FOB Gulf corn
US FOB Gulf soybeans
US FOB Gulf SRW wheat
US FOB Gulf HRW wheat
LINKS
US barge freight BG/US
US export sales estimates USDA/EST
US grain export summary GRA/U
Brazil soybean export prices
Brazil corn export prices