Export premiums for soyabeans shipped from the US Gulf Coast were steady to firm on Wednesday on good demand from China, with values supported by rising CIF barge basis values, traders said. Basis values for soyabeans delivered to the Gulf by barge were as much as 3 cents a bushel higher on Wednesday as exporters sought supplies for recent sales.
Traders said China has been inquiring about prices for August through December shipments. Several cargoes also appear to have traded, they said. The US Department of Agriculture on Wednesday confirmed private sales of 65,000 tonnes of old-crop US soyabeans and 66,000 tonnes of new-crop soyabeans to China.
Corn export premiums were mostly steady on routine demand, with US shipments battling for market share amid ample global supplies of feed grains, traders said. The USDA confirmed private sales of 74,064 tonnes of old-crop US corn and 173,848 tonnes of new-crop corn to unknown destinations. Wheat export premiums were mostly unchanged in muted trade, with large supplies available from the Black Sea region undercutting demand for US wheat.
The USDA is due to release weekly export sales data early on Thursday. Analysts on average expect a drop in new-crop soyabean sales last week, while corn and wheat sales were seen near the prior week's levels. Soyabean export premiums for August shipments were 105 cents a bushel over CBOT August futures, which closed 17 cents higher $10.10-1/2 a bushel. August corn shipments were offered at about 110 cents over CBOT September futures, which closed 3-1/4 cents higher at $3.35-3/4 a bushel.
Spot soft red winter wheat shipments were offered at about 65 cents over CBOT September futures, which closed 1/4 cent lower at $4.14-3/4 a bushel. Spot hard red winter wheat offers were about 105 cents over September futures, which closed 1/2 cent higher at $4.12-1/2 per bushel.
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