Corn, soybean barge bids steady to higher
Basis bids for soybeans and corn delivered by barge to U.S. Gulf Coast terminals were steady to slightly higher on Wednesday, as export buyers were showing some interest - particularly for bookings later this summer, traders said.
Support for agricultural commodities such as soybeans and corn has been underpinned by rising energy prices, fueled by escalating tensions between Israel and Iran.
Traders await market direction from the U.S. Department of Agriculture's weekly export sales report, which will be released on Friday, a day later than usual, due to the U.S. Juneteenth holiday on Thursday.
CIF soybean barges loaded in June had no bids, but were offered at 66 cents over Chicago Board of Trade July (SN25) soybean futures. July barge loadings were bid at 70 cents over July futures, up 2 cents.
FOB export premiums for soybeans loaded from the Gulf in June were offered steady at about 79 cents over July futures.
For corn, CIF barges loaded in June were bid at 66 cents over CBOT July corn futures (CN25), unchanged from Tuesday. July barge loadings were bid at 67 cents over futures, up 1 cent.
FOB export premiums for corn shipped from the Gulf in June were offered at about 80 cents over CBOT July corn futures, which was steady. Premiums for July shipments were steady at about 74 cents over futures.
