Gulf grain-soybean and corn barge bids mixed
CORN•Basis bids for soybeans and corn shipped by barge to the US Gulf Coast were mixed, while FOB export premiums were steady. US corn stocks reached 2.095 billion bushels on September 1, up 35% from a year earlier and above analysts’ average estimate of 1.918 billion bushels.
1. Gulf bids mixed
Basis bids for soybeans and corn shipped by barge to the US Gulf Coast were mixed on Wednesday as market participants digested US Department of Agriculture data. FOB export premiums remained steady.
2. Soybean premiums
CIF soybean barges loaded in October traded at 100 cents over the Chicago Board of Trade November soybean contract. November loadings traded at 111 cents over November futures, while December loadings traded at 105 cents over CBOT January 2027 futures.
3. Corn stocks rise
CBOT corn futures fell sharply after the USDA reported that US farmers and grain handlers held 35% more corn in storage on September 1 than a year earlier. Stocks totaled 2.095 billion bushels, up from 1.551 billion a year earlier and above analysts’ average estimate of 1.918 billion. By Sunday, farmers had harvested 17% of the soybean crop and 18% of the corn crop, matching five-year averages but below analysts’ expectations of 20% for both.
