Export premiums for soyabeans shipped from the US Gulf Coast were mostly steady to firm on Friday, with nearby values supported by tight supplies at Gulf terminals and concerns about a rain-damaged Delta and mid-South harvest, traders said.
CIF soyabean basis bids for barges loaded in the first half of September surged by 12 cents a bushel on Friday as short-bought exporters scrambled for coverage.
Deferred shipments were offered at lower prices than spot cargoes as the Midwest harvest is poised to begin in the coming weeks, with high yields and minimal crop damage expected, traders said.
Soyabean demand from China remained strong as the top importer was in need of shipments from October and beyond and as very little South American soyabeans were available for shipment before early 2017.
US Gulf corn export premiums were about unchanged after sinking earlier in the week on expectations for a record-large harvest. Corn is also facing stiff competition from low-cost feed wheat on the global market.
FOB basis offers for wheat were unchanged.
Traders are awaiting updated supply and demand forecasts from the US Department of Agriculture, due for release on Monday at 12:00 pm EDT (1600 GMT).
Soyabean cargoes shipped in late September were offered around 130 cents per bushel above the Chicago Board of Trade November futures contract, which closed 3-1/2 cents higher at $9.80-1/4 a bushel.
September corn cargoes were offered at 78 cents over CBOT December futures, which closed 2-1/2 cents higher at $3.41 a bushel.
Soft red winter wheat shipped in September was offered around 100 cents over CBOT December futures, which closed 2-1/2 cents lower at $4.03-1/2 a bushel.
Spot hard red winter wheat cargoes were offered at 110 cents over December futures, which closed 1/2 cent higher at $4.18-1/2 a bushel.
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