Cash soybean bids bounced higher in the river markets since last week as rain and flooding eased in Louisiana to allow loading of grain ships at export ports, grain dealers said on Monday.

“We are going to be loading a train for Louisiana this week,” an Illinois grain dealer said of a soybean shipment he sold on Friday. “It (Gulf bid) had an 8- to 10-cent jump on Friday, which worked in our favor.”

Soybeans for prompt shipment to the Gulf were bid 113 cents over November on Monday versus 104 early last week. September positions were 102 cents over versus 98 cents a week ago.

Soybean exports have been active following this summer’s drop in prices. Export shipments have surpassed USDA’s forecasted annual total, with about two weeks left in the crop year. (Photo: hxdbzxy/Thinkstock)

Soybean exports have been active following this summer’s drop in prices. Export shipments have surpassed USDA’s forecasted annual total, with about two weeks left in the crop year.

The corn basis at the Gulf were steady to higher with September bid 62 cents over September, unchanged from a week ago while October bid 68 cents over December, up 3.

Bids to farmers were largely unchanged this past week, due in part to progressively higher barge rates. Shippers said barge rates typically increase ahead of harvest and the higher rates prevented passing the higher Gulf bids to farmers.

Barge rates tend to increase as harvest approaches. At St. Louis, rates for the week of Aug. 21 were 290% to 310% of tariff, for the week of Sept. 4, 360% to 375% and for the month of September, 430% to 450%. The 140 point increase (450%-310%) equates to about 14 cents a bushel more to ship corn and 15 cents more to ship beans.

Barge shipments have been active even before harvest begins. USDA said barge grain shipments during the weekend of Aug. 13 were up 13% from the prior week and up 137% from a year ago.

Corn export destinations, bushels – week ended Aug 18 – USDA. Download more charts in pdf below.

In the rail sector, car loadings totaled 24,120 for the week ended Aug. 6, down 2% from the prior week, but up 12% from a year ago, said USDA’s Grain Transportation Report.

For truckers, the U.S. average diesel fuel price dropped .6 cent in the latest week to $2.31 per gallon for the week ended Aug. 15. That is down 30.5 cents from the same week last year.

Farmer selling

Farmers continue to sell old-crop supplies, mostly corn, to make room in on-farm and off-farm elevators for this year’s harvest. The selling is motivated in some areas by commercial elevators raising storage fees for in-house supplies beginning Sept. 1. Other elevators offered delayed pricing options that give farmers incentive to sell in-house grain rather than store it.

“We are expecting a 30% bump in corn production and that will probably force us to pile some of it,” said a central Illinois grain dealer. Soybean production there was expected to be similar to last year, he said.

Weekly Grain Movement - Aug. 16, 2016 - Rain, flooding in Louisiana hits corn, soybean bids

Weekly Grain Movement - Aug. 9, 2016 - Exports pull corn to Gulf, basis firm

Click on the link below for more charts.