Basis bids for September and October soyabeans shipped by barge to the US Gulf were lower on Monday as the harvest progressed, traders said. Corn basis values were mostly steady, but could come under pressure as the Midwest harvest advanced. Traders said September shipment soyabean bids fell 40 cents a bushel to $1.00 over the CBOT November. October bids were down 4 cents, while offers tumbled 30 cents.
The traders said rain in the eastern Midwest were likely to slow the harvest pace, but conditions in the western Corn Belt were conducive for combining corn and soyabeans. China continued to buy US soyabeans. USDA reported on Monday the sale of 225,000 tonnes of US soyabeans to China. US Grains Council pegged China's corn crop at 148.79 million tonnes, compared with the USDA's 160.0 million tonnes, and China's National Grains and Oils Information Center September estimate of 165.5 million tonnes.
USGC, after an annual crop tour, said China was unlikely to import corn in the near term despite high domestic prices. A drought in parts of China was hurting grain production in the country, but traders did not see the country importing corn in the short term.
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