Export premiums for soyabeans shipped from the US Gulf Coast were eased on Wednesday in tandem with sinking CIF barge basis values and a slowdown in buying of Gulf shipments by top importer China, traders said. Demand from China has slowed in recent weeks as crush margins there have narrowed. Still, China bought at least one cargo of US soyabeans on Wednesday for shipment from the Pacific Northwest, traders said.
CIF soyabean basis bids fell by 2 cents per bushel on Wednesday afternoon for November through January loading positions amid adequate available supplies and easing freight costs, traders said. Corn export premiums at the Gulf held mostly steady, capped by light demand and underpinned by limited supplies in the export pipeline due to slow farmer sales.
Fewer corn offers from Brazil and Argentina, and firmer offers from Ukraine, have made US Gulf shipments more competitive in the world market for spot shipments, traders said. However, demand for spot shipments was light. Wheat export premiums were flat on light demand and ample global supplies, traders said.
FOB Gulf soyabean basis offers for November were unquoted due to limited elevation capacity at many facilities. December offers fell 3 cents to 85 cents a bushel over CBOT January futures, which closed 6-1/4 cents lower at $8.57-3/4 a bushel. FOB Gulf corn basis offers for December loadings were steady at 70 cents over CBOT December futures, which closed 1/4 cent lower at $3.61-3/4 a bushel.
FOB Gulf basis offers for spot shipments of soft red winter wheat were unchanged at 75 cents over CBOT December futures, which closed 4-1/4 cents lower at $4.83-1/4 a bushel. Hard red winter wheat November shipments from the Texas Gulf were offered 112 cents over December futures, which closed 4-1/2 cents lower at $4.58-3/4 a bushel.
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