Gulf grain-soybean and corn barge basis mixed as storm heads toward Gulf Coast
DBA•Corn and soybean barge basis bids for Gulf shipments were mixed Thursday as traders tracked a storm approaching the Gulf Coast. October CIF soybean bids were 86 cents over November futures, while October CIF corn bids were 70 cents over December futures.
1. Barge bids mixed
Basis bids for corn and soybeans shipped by barge to the US Gulf were mixed Thursday. A trader said some buyers were eager to move grain and barges ahead of Hurricane Isaias, which was gaining strength and approaching the northern Gulf Coast.
2. Soybean and corn levels
CIF soybean barges loaded in October were bid at 86 cents over November futures, while November loadings were bid at 109 cents over futures. Gulf FOB soybean premiums for October shipments held around 110 cents over November futures. CIF October corn barges were bid at 70 cents over December futures, and Gulf FOB premiums for first-half October corn shipments held around 97 cents over December futures.
3. Export sales and futures
The USDA reported weekly US corn export sales of 769,500 metric tons and soybean sales of 549,400 metric tons. Corn and soybean futures eased Thursday as Midwest harvesting continued and investors squared positions ahead of Friday's monthly US government supply-and-demand report.
