Export premiums for corn and soyabeans shipped from the US Gulf Coast were firm on Tuesday as higher CIF barge basis values raised costs for exporters, traders said. Frigid weather in the US Midwest supported CIF basis values as exporters worried that the shipments to Gulf export terminals could be impeded. Temperatures later this week are forecast to drop below zero Fahrenheit in parts of the Midwest.
Concerns that barges originating from elevators along the Illinois River could be delayed by icy conditions had some exporters offering premiums of up to 3 cents a bushel for vessels loaded through February at elevators in St. LLouis and south, traders said Higher soyameal prices in China supported demand for imports, including from the United States. Traders said price inquiries for near-term US shipments increased on Tuesday.
January CIF soyabean barges traded at 46 cents a bushel above futures on Tuesday, up about 15 cents from a week ago. China's soyameal futures jumped to a five-month high on Tuesday on talk that environmental regulators are cracking down on some plants, fuelling worries about tight stocks. December US soyabean shipments were offered at about 53 cents a bushel over CBOT January futures, which closed 3 cents lower at $10.28 a bushel.
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