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Corn barge bids are stable to declining

Started by PocketOption, Feb 15, 2023, 11:43 am

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Corn barge bids are stable to declining


Corn barge bids are stable to declining

Along with FOB basis offers, basis bids for maize barged to the U.S. Gulf Coast were stable to declining on Monday, according to traders. Low water levels last fall made it hard for Midwest grains to get to foreign markets. However, now things are back to normal on the Mississippi River, an important shipping route for those commodities, according to the Soy Transportation Coalition.

Due to water levels, some barge loading limits have recently been put in place between Cairo, Illinois, and St. Louis. According to the group, water level margins may be restricted near St. Louis until later this spring.

  • ‌CIF corn barges loaded in February were offered at 77 cents over March corn (CH3) futures on the Chicago Board of Trade (CBOT), down 2 cents from Friday.

  • Corn barges loaded in March were offered at an unchanged bid price of 83 cents over futures.

  • For February maize exports, FOB basis offers were roughly 87 cents higher than CBOT March futures, down a penny.

  • Offers for shipments in March were around 90 cents over futures, which was a 2 cent decrease from the day before.

  • The price of soybeans for CIF barges loaded in February was 95 cents above the price of March (SH3) soybean futures on the CBOT, down one cent.

  • Barges of March soy were also offered for 95 cents more than futures.

  • FOB offers were about 115 cents over (SH3) futures, which were stable, for soybean shipments in February.

  • Around 115 cents, up 3 cents, were given for March shipments over futures.

Futures of corn increase as inspections increase

Corn export inspections are marginally higher than they were at this time last week, but they are still significantly slower than they were in 2017.

According to the USDA’s most recent data on grain export inspections, corn export inspections reached 511,506 metric tons for the week ended February 9. It’s an increase from the 494,000 tons reported last week, but a significant decrease from the 1.46 million tons reported at this time last year. Only 13.06 million tons of maize have been inspected this year, which is a decrease of about 35% from this time last year. This pace is still considerably behind the rate of the previous year. Even yet, corn Monday benefited from the increase in weekly inspections.

The Wall Street Journal writes that despite bolstering its own defensive lines in the southern part of the country,  has progressed through ian resistance in the city of Bakhmut. Wheat received help on Monday because of the increased fighting. Fears over wheat shipments from the Black Sea are resurfacing, according to Price Futures Group’s Jack Scoville.

Despite the high predicted production, some institutions are currently downgrading their outlook for the n wheat crop.

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