US FOB Gulf soyabeans basis offers for late fall shipments firmed 5 to 8 cents a bushel late Tuesday but September soya was unquoted amid the volatility in the nearby CIF and interior markets, traders said. FOB corn and wheat values were steady but both markets had a soft tone as customers eye cheaper offers out of South America and the Black Sea region.
Soyabean offers for October/November/December were supported by steady Chinese demand for new-crop and expensive freight, traders said. October offers, which will tap into early Midwest harvest, were steady at 180 cents over CBOT November futures. But November was quoted 5 cents higher at 170 cents over November futures and December was up 8 cents at 150 cents over January futures. CBOT November ended 1-1/4 cents lower at $10.28 a bushel. Exporters pulled their September offers after a volatile week in domestic soyabean markets, with processor and CIF barge soyabeans lower on Monday and Tuesday after spiking higher last week when processors tried to entice farmers to sell beans, traders said.
Decatur, Illinois, on Tuesday backed off its nearby soyabean bid to 200 cents over November futures, from 375 cents over on Monday. Gulf CIF soya values fell some 80 cents on Tuesday, pressured by some farmer movement, processors pulling soyameal offers waiting for early harvested soyabeans to move into the pipeline, and the collapse in the CBOT September/November spread.
The FOB corn market had a weak tone as overseas customers shop cheaper origins. US September corn is about $10 per tonne higher than Argentina September offers and Black Sea corn for October/November loadings, traders said. August/September corn offers out of the Gulf late Tuesday were steady at 125 cents over CBOT September futures. Loadings for October/November/December were also steady at 126 cents over December futures. CBOT September corn closed 4 cents lower at $3.56. As expected, the US did not get any of GASC's wheat business as Egypt bought 175,000 tonnes of Russian and Romanian wheat for last-half September at an average price of $248 FOB.
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