Soy export premiums climb; corn barge bids firm

Basis bids for soybeans shipped by barge to U.S. Gulf export terminals were steady to a shade lower on Thursday after firming this week, while soybean export premiums climbed in response to a flurry of U.S. soy export sales, traders said.

* Basis bids for corn barges firmed as barge freight costs rose.

* Freight costs ticked higher as rising Chicago Board of Trade (CBOT) soybean futures spurred a round of farmer soy sales, boosting demand for barges, while fog on the lower Mississippi River slowed barge traffic. The National Weather Service posted dense fog advisories on Thursday afternoon along much of the Gulf Coast including New Orleans.

* The U.S. Department of Agriculture confirmed private sales of 718,000 tonnes of U.S. soybeans to unknown destinations and another 118,000 tonnes to China, the latest in a series of sales announcements. Thursday's tally brought the amount of U.S. soy sales confirmed by the USDA so far this week to 1.470 million tonnes.

* CIF soybean barges loaded in December were bid at 141 cents over CBOT January (SF3) futures, down a penny from Wednesday but up 6 cents from the start of the week.

* Export premiums for soybeans shipped in January rose to around 157 cents over futures, up 7 cents form Wednesday.

* For corn, CIF barges loaded in December were bid at 114 cents over CBOT March (CH3) futures, up 2 cents from Wednesday.

* Corn export premiums for January loadings held at around 135 cents over March futures.

* In its weekly export sales report, the USDA said U.S. 2022/23 soybean sales in the week ended Dec. 1 totaled 1.716 million tonnes, topping a range of trade expectations for 600,000 to 1.2 million tonnes.

* The USDA reported corn sales for the week to Dec. 1 at 691,600 tonnes, in line with trade expectations for 300,000 to 950,000 tonnes, and wheat sales of 189,800 tonnes, toward the low end of trade estimates for 150,000 to 350,000 tonnes.