This weekFreecasinoslotsonlineThe bidding for corn barges in the Gulf of Mexico slowed and the bidding for soybeans remained stable. South Korea's MFG bought 271000 tons of animal feed corn, possibly from South America or South Africa. Export sales of old corn and soybeans are in line with expectations, according to USDA data. CIF Gulf of Mexico soybeans rose slightly while corn prices fell. The soybean base difference in the Midwest of the United States is stable to strong, while the corn base spread is mixed. Rising wheat prices are expected to drive demand for corn, with wet weather in the Midwest affecting sowing, but will turn dry next week.
Overview of tendering and procurement of global grain, oilseed and edible oil export markets (24 May 24, 2004):
Bidding for corn barges in the Gulf of Mexico slowed down, while bidding for soybeans remained stable.
Traders said it was shipped by barge to the Gulf Coast of the United States for export on Thursday.FreecasinoslotsonlineThe basic offer for soybeans mostly held steady to rise, while the CIF price for corn held steady to fall.
MFG, South Korea's main feed group, bought about 271m in an international tender on Thursday, according to European traders.Freecasinoslotsonline2000 metric tons of animal feed corn, expected to come mainly from South America or South Africa.
The United States Department of Agriculture announced on Thursday that the export volume of old corn in the United States was 911 in the week ended May 16.Freecasinoslotsonline, 200 tons, in line with trade expectations of 500000 to 1, 200000 tons.
The USDA also reported that exports of old US soybeans sold 279400 tons in the week ended May 16, close to the low end of trade expectations of 275000 to 550000 tons.
The price of the May CIF Gulf of Mexico soybean barge rose 1 cent to 51 cents from the CBOT July SN24 futures price, while the June soybean barge price was stable at 52 cents.
The FOB price of June Gulf of Mexico soybean exports rose 2 cents to about 58 cents against CBOT July futures SN24, while July futures prices remained stable at 60 cents.
CIF May corn barges in the Gulf of Mexico fell 1 cent to 43 cents compared with CBOT July CN24 futures, while June barges were flat at 46 cents.
The May corn export premium fell 1 cent from CBOT July futures to about 47 cents a bushel, while the June corn export premium was stable at about 48 cents a bushel from July futures.
Us spot soybean base is stable to high; corn quotation is mixed
Although farmers' oilseed sales rose and Chicago Board of Trade July futures SN24 hit a four-month high on Thursday, soyabean base prices at river terminals and processing plants in the Midwest remained mostly stable to strong, traders said.
At a processing plant in Sioux City, Iowa, the base price of soybeans rose 10 cents a bushel, and at a processing plant near Davenport, Iowa, soybeans rose 7 cents, where grain was loaded on barges and shipped through the Mississippi River to exporters in the Gulf of Mexico.
Benchmark CBOT July soyabeans hit $12.5825 a bushel, the highest since January 25, before falling to close down 7 cents at $12.3925.
Corn, the basis price is stable, mixed. The corn spread in Davenport rose 6 cents, while the corn spread in Cornell Bluffs, Iowa rose 1 cent. But the spread at a large processing plant in Blair, Nebraska, fell 1 cent, while Blair's corn spread rose 14 cents in the past week.
Analysts said corn CN24 closed 275 cents higher at $4.64 a bushel on the Chicago Board of Trade for July as wheat prices continued to rise, raising expectations of increased demand for corn.
Wet weather is expected in the Midwest over the weekend and the sowing season will be drier next week.