CIF/FOB Gulf Grain-US Gulf soybean, corn bids lower; export premiums flat
CHICAGO, Oct 2 (Reuters) - Basis bids for soybeans and corn shipped by barge to the US Gulf were lower on Friday and export premiums were flat, brokers said.
Chicago Board of Trade corn futures dipped lower, holding near a six-week low, as Wednesday's larger-than-expected USDA estimate of US corn stocks continued to weigh on the market. CBOT soybeans slipped under pressure from an ongoing US harvest that is projected to be hefty, and forecasts of weather improving across the central Midwest.
Questions about how big this autumn's US corn and soybean harvest will be are being hotly debated by traders, who are anxiously waiting for the US Department of Agriculture's next crop production report and its monthly World Agricultural Supply and Demand Estimates report next week.
Saudi Arabia on Thursday announced it is seeking to buy 535,000 metric tons of wheat for shipment in November and December. Traders viewed the tender as a sign that the recent price fall was stirring fresh demand after Saudi Arabia cancelled its previous wheat tender on September 7 because of high prices.
The most traded Chicago Board of Trade corn contract settled down 4-1/2 cents at $4.97-3/4 a bushel, after earlier dipping down to Thursday's six-week low of $4.95 a bushel.
CBOT soybeans closed 5-3/4 cents lower at $12.78-1/4 per bushel, and CBOT wheat closed 1/4-cent higher at $6.83 per bushel.
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
Corn prices page: cpurl://apps.cp./cms/?pageid=corn-cash-market
Wheat prices page: cpurl://apps.cp./cms/?pageid=wheat-cash-market
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