US FOB Gulf soyabean bids slide on ample supplies

Basis bids for soyabeans shipped by barge to the US Gulf Coast fell on Thursday on rising supplies amid an accelerating Midwest harvest, traders said. Increased rail deliveries of soyabeans to southern river terminals for transloading onto barges weighed on nearby CIF values, a trader said. Gulf soyabean export premiums softened in tandem with easing CIF barge values, although demand was solid.
Net US soyabean export sales last week were near the low end of a range of trade forecasts at 1.275 million tonnes, mostly to China, US Department of Agriculture data showed. The USDA confirmed an additional 384,000 tonnes sold to China on Thursday via its daily reporting system. Several days of heavy rains in the Pacific Northwest are expected to slow soyabean export loadings at the country's second-largest port range, traders said.
CIF Gulf soyabean barges loaded in late October traded at 24 cents a bushel over Chicago Board of Trade November futures, down 2 cents from trades a day earlier, traders said. November barges traded at 29 to 30 cents over futures, down 2 to 3 cents from the previous day. FOB basis offers for soyabeans shipped in November were around 46 to 47 cents over futures.
CIF corn basis bids were steady to firm amid slow grain movement and firmer barge freight in some areas. Export premiums were mostly flat. Net corn export sales of 1.27 million tonnes topped most trade estimates, with more than half of that volume slated for top importer Mexico and Japan. Sales in the 2017/18 season to date remain more than 30 percent behind last year, according to USDA data.
Bids for October corn barges were 3 cents higher at 30 cents above the CBOT December futures contract. FOB corn offers for November loadings were 49 to 50 cents over futures. Premiums for US wheat in the export market were mostly unchanged. October soft red winter wheat barges were bid 50 cents over CBOT December futures. Spot FOB Gulf offers were 80 cents over futures. October CIF hard red winter wheat bids were 181 cents over the K.C. December contract for 12 percent protein grain. FOB offers for November vessels were 190 cents over.