CIF/FOB Gulf Grain-Corn barge bids firm, soybean bids steady
CHICAGO, Nov 3 (Reuters) - Basis bids for corn shipped by barge to the US Gulf Coast firmed on Tuesday as the Midwest harvest entered its final stages, but export premiums declined, traders said.
A slide in Chicago Board of Trade corn futures to four-month lows curbed farmer grain sales, and CBOT soybean futures hit a 2-1/2 month low on expectations of large US harvests. GRA/
After the close of CBOT trading, brokerage StoneX raised its estimate of the average US 2026 corn yield to 183.1 bushels per acre (bpa) from 182.1 last month, and upped its soybean yield forecast to 55.0 bpa, from 54.1 previously.
The US Department of Agriculture confirmed private sales of 315,000 metric tons of US corn to Mexico and another 136,000 tons to South Korea, along with sales of 134,000 tons of soybeans to undisclosed destinations.
At the Gulf, CIF corn barges loaded in November were bid at 94 cents over CBOT December corn futures, up 2 cents from Monday.
But FOB export premiums for Gulf corn vessels loaded in late November were around 106 cents over December futures, down 3 cents, and December premiums were around 110 cents over futures, down a penny.
For soybeans, CIF barges loaded in November were bid at 115 cents over CBOT November soybean futures, unchanged from Monday.
Traders were starting to roll soybean bids to the CBOT January soybean futures contract as the November contract nears its expiration next week.
November-loaded soy barges traded at 106 cents over CBOT January futures, or the equivalent of 117 cents over November futures, given the 11-cent difference between the two futures contracts.
FOB export premiums for Gulf soybeans loaded in December, the first month available, were steady at about 118 cents over CBOT January futures.
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