CIF/FOB Gulf Grain-Soy, corn barge bids steady as river flooding persists
June 27 (Reuters) - Basis bids for soybeans and corn shipped by barge to the U.S. Gulf Coast terminals were little changed on Thursday despite high water on the upper Mississippi River that has halted barge loadings this week at river elevators around Saint Paul, Minnesota, traders said.
* Heavy rains last weekend sent river gauges rising above flood levels on the upper reaches of the Mississippi River, the main artery for moving grain and fertilizer from the Farm Belt to Gulf exporters.
* The Mississippi is forecast to crest at St. Paul this weekend but water levels are still rising downstream. Lock 17 at New Boston, Illinois, was expected to close on Thursday due to high water, with Lock 16 expected to close on Friday, the U.S. Army Corps of Engineers said in a statement this week.
* Still, traders noted little urgency at the Gulf, given slow export business. "It's about a lack of demand," one broker said of the quiet tone in Gulf grain bids.
* CIF Gulf soybean barges loaded in June were bid at 66 cents a bushel over CBOT July SN24 futures, down 1 cent from Wednesday, and traded at 67 and 66 cents over futures. July soybean barges traded at 62 cents over futures and were re-bid at 60 cents over futures.
* FOB export premiums for July soybean loadings held at around 70 cents over CBOT July futures but premiums for August loadings were around 90 cents over August SQ24 futures, up 9 cents.
* For corn, CIF Gulf barges loaded in June were bid 53 cents over CBOT July futures CN24, unchanged from Wednesday, while July barge bids were steady at 55 cents over futures.
* Export premiums for corn shipments loaded from the Gulf in July were around 61 cents over CBOT July futures, steady with Wednesday.
* Underscoring sluggish demand for U.S. grain supplies, the U.S. Department of Agriculture (USDA) on Thursday reported export sales of old-crop soybeans in the week ended June 20 at 282,900 metric tons, below trade expectations for 300,000 to 600,000 tons. EXP/SOY
* Weekly export sales of old-crop corn totaled 542,200 tons, toward the low end of expectations for 400,000 to 1,100,000 tons. Weekly wheat export sales were a bright spot at 667,200 tons, topping trade expectations for 200,000 to 600,000 tons. EXP/CORNEXP/WHE
* Under its daily reporting rules, the USDA confirmed private sales of 120,000 metric tons of U.S. new-crop soybeans to undisclosed destinations.
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28 июня 2024