US Gulf corn basis bids rise on firmer export demand and USDA sales
Reuters reports US Gulf corn basis bids jumped on Friday as export demand firmed, with USDA logging 116,000 tonnes of 2026/27 corn sales in its daily report.
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what happened
According to Reuters, barge-shipped US corn basis bids at the Gulf Coast climbed sharply on Friday, with traders pointing to a pickup in overseas buying. In its daily reporting system, the US Department of Agriculture recorded the sale of 116,000 metric tons of corn for 2026/27 delivery to buyers that were not disclosed.
European traders said South Korea's Feed Leaders Committee bought roughly 65,000 tons of feed-grade corn earlier this week through a private arrangement, skipping an open international tender. Some market participants expected the cargo to originate in the US Pacific Northwest. October-loaded CIF corn barges were bid at 85 cents over December CBOT futures, five cents higher than Thursday, while November barges traded at 96 cents and FOB Gulf premiums for November loading held near 98 cents.
why it matters
Higher basis levels mean physical corn at Gulf ports is gaining value relative to exchange futures, a sign that demand for US grain on the export market remains firm. In soybeans, October-loaded CIF barge bids eased one cent to 108 cents over November futures, though basis had earlier in the week been supported by Chinese demand.
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- Corn basis bids rise, USDA reports export sales — Reuters, 23 October 2026 at 22:21 UTC
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