US FOB Gulf soyabean basis offers rose for a second day on Wednesday amid exporter buying in the barge market and another sharp drop in CBOT soyabean prices, traders said. Corn and wheat basis values held steady. Soybean export premiums rose 1 to 5 cents per bushel, on top of a 2-cent increase in basis offers on Tuesday.
Soyabeans for shipment in the first half of October were offered at 27 cents a bushel premium to CBOT November, while soyabeans for last-half October shipment were offered at 30 cents premium.
In the CIF barge market that supplies export elevators, September shipment soyabeans traded for as much as 20 cents premium on Wednesday, while October traded for as much as 28 cents over, traders said.
The Brazilian real weakened to 2.03 per US dollar, piercing the 2.0-per-dollar mark for the first time since May 15. The weakness in the real should benefit farmers and prompt them to plant more acres with soyabeans because the crop is sold for export in US dollars, traders said. Corn export premiums were steady to higher amid heavy loadings at the Gulf and solid demand for future shipment.
Loading capacity was about 90 percent booked for September and 50 percent booked for October, said a trader. Israel bought 100,000 tonnes of US corn for shipment November 1-20, plus 16,000 tonnes of US sorghum. Traders said high shipping costs made South American corn too expensive to compete.
Hard and soft red winter wheat basis offers held steady amid strong export demand and tight global stocks. Jordan issued a tender to purchase 100,000 tonnes of hard wheat from any origin, European traders said. Bids were due August 28, with shipment of half the wheat by September 20 and the rest September 21 to October 5.
Comments
Comments are closed.