Wheat export premiums at the US Gulf Coast were steady to higher on Thursday, with nearby values rising in tandem with higher CIF barge basis values amid good export demand, traders said. Nearby CIF basis values jumped sharply as at least one short-bought exporter scrambled for supplies in a thinly stocked marketing pipeline. Barges loaded in November and shipped to the US Gulf traded at more than 110 cents a bushel over Chicago Board of Trade December futures, up at least 20 cents from earlier in the week, traders said.
US soft red winter wheat prices were among the lowest milling wheat prices in the world for early 2014 shipments.
Concerns about reduced production and quality in Australia and Argentina supported US wheat values. Soyabean export premiums at the US Gulf were mostly steady, underpinned by moderate demand from top importer China but capped by expectations for a large South American crop after good early season crop weather.
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