On June 6, according to media reports, the basis quotations for corn and soybeans shipped by barge to the US Gulf export terminal were mostly weak on Monday. Traders said that prices in recent months were supported by tight spot supplies, but bids in far months slowed down due to export demand And under pressure.
Positive shipments by US Gulf grain export vessels, especially corn exports, have tightened spot supplies in the CIF barge market, traders said.
Some exporters needing immediate supplies had to raise their grain offers to meet export demand, they said.
New demand for U.S. corn and soybeans remained subdued as global buyers increasingly relied on supplies from Brazil, which has had a bumper crop this year. The lack of new export demand weakened the US Gulf FOB basis quotations.
