U.S. soybean barge bids firm as ‘bomb cyclone’ looms

U.S. spot basis bids for soybeans and corn shipped by barge to U.S. Gulf export terminals were mixed on Wednesday, as some river elevators began preparing to reduce hours or close ahead of a looming “bomb cyclone”, traders said.

* By Thursday night, a so-called “bomb cyclone” will likely form along the strong Arctic front across the Great Lakes, sending pressure sharply lower in a 24-hour period.

* The arctic blast is expected to cause winterkill damage of the wheat crop in Colorado, Kansas and southern Nebraska, impacting nearly one-third of the country’s hard red wheat belt, the Commodity Weather Group (CWG) forecast Wednesday.

* Winterkill risks for the soft wheat crop in Missouri and Illinois were also increased for Friday, CWG forecast.

* CIF soybean barges loaded in January traded at 142 cents over Chicago Board of Trade (CBOT) January (SF3) futures.

* CIF soybean barges loaded in December were bid at 150 cents over futures, up 5 cents from Tuesday’s last bid.

* Export premiums for soybeans shipped in January were at about 162 cents over CBOT January futures, down 8 cents from Tuesday.

* CIF corn barges loaded in December were bid at 111 cents over futures, down 1 cent from Tuesday’s last bid.

* Export premiums for January loadings of corn were at about 132 cents over March futures, steady from Tuesday.

Tags: corn, export, soybeans, U.S., spot basis