Export premiums for soyabeans shipped from the US Gulf Coast were steady to firm on Wednesday, underpinned by rising CIF barge basis values and moderate demand, traders said. Spot CIF soyabean basis bids jumped to a two-week high on Wednesday as a slowdown in barge loading following early week rains thinned available supplies at the Gulf. Some short-bought traders were forced to scramble for spot barges.
September soyabean barges traded at 103 cents a bushel above Chicago Board of Trade November futures on Wednesday, up from trades at 97 over a day earlier, traders said. FOB Gulf soyabean basis offers for last-half October loadings were around 106 cents over November futures, which closed 7-3/4 cents higher at $8.92 a bushel. Offers for soyabeans shipped in November gained 2 cents to 104 over.
Buying by top soyabean importer China was expected to slow over the coming week as markets there, which provide many traders an opportunity to hedge their import purchases, will be closed for a week beginning on Thursday for a national holiday. US Gulf corn export premiums were mostly steady to slightly higher in quiet trade as CIF barge basis values edged higher. Demand for US corn remained largely concentrated among routine buyers such as Japan, Mexico and Colombia, traders said, with recent inquiries for shipments in December and beyond.
FOB Gulf corn basis offers for last-half October shipments were 68 cents over Chicago Board of Trade December futures, which closed 1-1/4 cents lower at $3.87-3/4 a bushel. November corn was offered at about 71 cents over futures. US wheat export premiums were flat in muted trading, with ample global supplies of cheaper grain weighing on demand for US shipments. Russia’s prime minister signed an order to cut a wheat export tax from October 1. The move could boost exports that were constrained by the tax, analysts said. Soft red winter wheat basis offers for October were 75 cents over CBOT December futures, which closed 9 cents higher at $5.12-3/4. Hard red winter wheat offers for October were 115 cents over HRW wheat futures, which closed 7 cents higher at $5.01-3/4.