Reuters
2022.06.22 06:05

CIF/FOB Gulf Grain-Corn basis flat-mixed amid sluggish U.S. export demand

June 21 (Reuters) - Spot basis bids for corn shipped by barge to the U.S. Gulf Coast were steady to mixed amid lackluster export demand on Tuesday, traders said.

June 21 (Reuters) - Spot basis bids for corn shipped by barge to the U.S. Gulf Coast were steady to mixed amid lackluster export demand on Tuesday, traders said.

  • U.S. corn faces competition on the global export market from cheaper grain available from South America.

  • Corn futures fell 3% at the Chicago Board of Trade as weather forecasts looked less threatening for the U.S. crop. The losses weighed on CBOT soybean futures.

  • Weekly U.S. corn export inspections were 1.18 tonnes, the U.S. Department of Agriculture said. Analysts expected 600,000 to 1.3 million tonnes.

  • Weekly export inspections were 427,344 tonnes for U.S. soybeans and 331,328 tonnes for U.S. wheat, also within analysts’ estimates.

  • China, the world’s biggest soybean importer, bought less soy from Brazil in May compared to a year earlier, while shipments from the United States rose sharply, Chinese customs data showed.

  • China brought in 1.9 million tonnes of U.S. corn in May as it seeks alternate suppliers to Ukraine, up slightly from a year ago, the customs data showed.

  • Ankara’s military delegation will travel to Russia this week to discuss details of a possible safe corridor in the Black Sea to export Ukrainian grain, Turkish presidency sources said. Russia’s invasion of Ukraine disrupted shipments.

  • CIF corn barges loaded in June were bid flat at 100 cents over CBOT July corn (CN2) futures. July corn barges were bid 89 cents over futures, up a penny from Friday.

  • CBOT grain markets were closed on Monday for the Juneteenth holiday in the United States.

  • FOB basis offers for July corn loadings stayed at around 115 cents over futures.

  • CIF Gulf soybean barges loaded in June were bid 5 cents lower at 100 cents over CBOT July (SN2) futures.

  • FOB soybean offers for July shipments from the Gulf were steady at around 125 cents over CBOT July futures.

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