Soybean bids firm on tight nearby supplies

February 22, 2014

soyabean
soyabean

Basis bids for soybeans shipped by barge to the US Gulf Coast were higher early on Friday on good demand for nearby shipments and tight supplies at the Gulf, traders said. CIF corn basis bids were narrowly mixed after spot values spiked to a near six-month peak, underpinned by good demand from some short-bought exporters.

CIF basis bids for soft red winter wheat were higher for spot shipments and steady in deferred months. Spot barge freight was firm on strong demand for February freight as shippers aimed to capture premiums offered for nearby shipments. Navigation on the Illinois River remained slow due to heavy ice, but conditions were improving following rain and milder temperatures this week.

Some short-bought exporters still offered premiums for barges originating south of the ice-covered Illinois and mid-Mississippi rivers. The premium on Friday was 14 cents a bushel for loadings this month and 12 cents for the first week of March, a trader said. CIF corn basis bids for February barges were a penny lower at 91 cents a bushel over CBOT March futures. First-half March barges were bid 83 cents over, a penny higher. Reuters

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