Basis bids for soyabean barges shipped to the US Gulf Coast were mostly higher on Thursday, supported by strong export demand and tight supplies of export-grade beans at the Gulf, traders said. Soyabean export premiums were firmer amid strong demand, notably from China.
Export sales last week totalled around 3 million tonnes, the third largest week of sales on record, according to US Department of Agriculture (USDA) data. The agency also confirmed 132,000 tonnes in additional sales to an unknown destination via its daily reporting system. CIF soyabean barges loaded in September were bid 49 cents a bushel over Chicago Board of Trade November futures, up 6 cents from the previous day.
One large soyabean exporter bought more than 300,000 bushels of in-port soyabeans at 80 cents over futures, a trader said. The beans were needed for blending with off-grade supplies so the exporter could finish loading an outgoing vessel, he said. FOB basis offers for late October soyabean loadings were around 58 cents a bushel over futures.
CIF corn barge basis bids were mostly firmer, lifted by firming barge freight rates. Export premiums were steady to higher, led by rising CIF values. Bids for September CIF corn barges were 41 cents above the CBOT December futures contract, up 8 cents from the previous day. FOB corn offers for late October loadings were about 47 cents over futures. Wheat premiums were steady to firm amid slow grain movement and limited export loading capacity at the US Gulf Coast as shippers are prioritizing soyabeans over grain, traders said.
September soft red winter wheat barges were bid 40 cents over CBOT December futures. Spot FOB Gulf offers were 85 cents over December futures. Spot CIF hard red winter wheat bids were 170 cents over the K.C. December contract for 12-percent protein grain. FOB offers for October vessels were 190 cents over futures.
Comments
Comments are closed.