Basis bids for soybeans shipped by barge to the US Gulf Coast were mostly steady to firm early on Monday on slow farmer selling and solid demand from some domestic processors, traders said. CIF corn and wheat basis bids were flat amid slow grain movement and limited demand. Chicago Board of Trade soybean futures were narrowly mixed on Monday, while corn and wheat markets were lower. Prices of all three commodities were well below recent highs, which kept a lid on farmer selling interest.
The USDA said on Monday that 890,083 tonnes of corn were expected for export last week, within the range of trade estimates. Soybean inspections totalling 375,763 tonnes and wheat inspections of 560,083 tonnes topped trade expectations. Soybean barges loaded in the first half of August were bid 2 cents higher at 85 cents per bushel above CBOT November futures. Full-month August barges were bid steady at 82 cents over futures.
Barges of corn loaded in August were bid steady at 41 cents a bushel above CBOT September futures. Soft red winter wheat barge bids held at 15 cents over CBOT September futures for August loadings. August hard red winter wheat CIF basis bids were unchanged at 102 cents over the September HRW wheat futures contract.