Easing barge freight rates continued to weigh on CIF values, dealers said. BG/US
CIF basis bids for corn barges loaded in August were steady at 92 cents a bushel over Chicago Board of Trade September CU26 futures, while September bids were flat at 105 cents over futures, but the spread between bids and offers narrowed, traders said.
FOB corn export premiums were level at 122 cents over futures for shipments in the first half of September and 130 cents over futures for last-half shipments.
Soybean basis and FOB offers
Soybean barge basis bids for August loadings were up 1 cent to 96 cents over CBOT November SX26 futures. September barges were bid 1 cent higher at 103 cents over futures. Offers for both eased, which tightened the spread between bids and offers, traders said.
FOB basis offers for soybeans loaded in early September were 120 cents over futures, while late-September loadings were offered 125 cents over futures, both unchanged from Monday.
Corn and soybean barge bids steady to higher
Basis bids for corn loaded on barges and delivered to Gulf Coast terminals were steady on Tuesday, and soybean basis bids ticked up, as heavy rains and high winds in the central U.S. Midwest temporarily delayed barge loadings and flooded some transportation routes, traders said.
A series of severe storms stretched from Illinois into the Ohio Valley, with tornadoes reported to have touched down in the greater Chicago region, with strong straight-line winds and forecasts of heavy hail across parts of Indiana and Ohio, according to the National Weather Service.
Signs of continued U.S. soybean export demand helped keep a floor under basis bids, one trader said. The U.S. Department of Agriculture confirmed private sales of 136,000 metric tons of U.S. soybeans for shipment to China for the 2026/27 marketing year.
China has been a major buyer of new-crop soybeans in recent weeks as Beijing is working towards meeting its commitment to buy 25 million tons of U.S. soy annually ahead of a meeting between both countries' presidents in late September.
USDA also confirmed private sales of 180,000 metric tons of U.S. soybean cake and meal for shipment to the Philippines for the 2026/27 marketing year.
Still, export demand for near-term shipments of soybeans remained light as Brazilian cargoes are available at cheaper prices, traders said.
Heavy rains are forecast to continue through the end of the week, with much of the rain falling on the central and southeastern portions of the U.S. Midwest, before the weather turns hotter and drier, according to the Commodity Weather Group.
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