US Gulf soybean, corn bids lower; export premiums flat
CORN•Basis bids for soybeans and corn shipped by barge to the US Gulf were lower on Friday, while export premiums were flat. CBOT corn settled down 4.5 cents at $4.97¾ a bushel, soybeans fell 5.75 cents to $12.78¼, and wheat rose 0.25 cent to $6.83.
1. Grain prices decline
US Gulf barge bids for soybeans and corn fell on Friday, while export premiums were unchanged. Corn futures settled at $4.97¾ a bushel and soybeans at $12.78¼; wheat closed at $6.83.
2. Harvest and demand outlook
Corn futures remained near a six-week low as a larger-than-expected USDA estimate of US corn stocks weighed on the market. Soybeans faced pressure from the ongoing harvest, projected to be hefty, and forecasts for improving weather across the central Midwest. Traders were awaiting the USDA’s crop production and monthly supply and demand reports next week.
3. Saudi wheat tender
Saudi Arabia announced a tender to buy 535,000 metric tons of wheat for shipment in November and December. Traders viewed it as a sign that lower prices were prompting fresh demand after Saudi Arabia cancelled its previous tender on September 7 because of high prices.
