Gulf soybean and corn barge bids ease; USDA data awaited
DBA•Barge basis bids for soybeans and corn shipped to the U.S. Gulf Coast fell as traders awaited Wednesday’s USDA quarterly stocks report. U.S. farmers had harvested 17% of soybeans and 18% of corn as of Sunday, matching five-year averages but below analysts’ 20% expectations for both crops.
1. Bids decline
Basis bids for soybeans and corn shipped by barge to the U.S. Gulf Coast were lower on Tuesday, while FOB export premiums remained steady. Traders focused on the coming USDA stocks data and rain-soaked harvests in parts of the Midwest.
2. Harvest progress
The USDA said 17% of the soybean crop and 18% of the corn crop had been harvested as of Sunday. Those shares matched five-year averages but were below analysts’ expectations of 20% for both crops, with states including Iowa behind schedule. Traders also adjusted positions ahead of the month and quarter end.
