Basis bids for soyabeans shipped by barge to the US Gulf Coast fell on Friday on rising supplies as farmers are actively harvesting a record crop, traders said. Soyabean export premiums were mostly steady, underpinned by solid demand from overseas buyers but capped by weakening CIF barge values. CIF Gulf soyabean barges loaded in late October traded at 20 cents a bushel over Chicago Board of Trade November futures, down 4 cents from trades a day earlier, traders said. November barges traded at 25 cents over futures, down 4 to 5 cents from the previous day.
Increased rail deliveries of soyabeans to southern river terminals for transloading onto barges weighed on nearby CIF values, a trader said. FOB basis offers for soyabeans shipped in November were around 46 to 47 cents over futures. CIF corn basis bids were mostly steady to weak on rising supplies, while FOB export premiums were mostly flat.
Bids for October corn barges were unchanged at 30 cents above the CBOT December futures contract. FOB corn offers for November loadings were 49 to 50 cents over futures. The US Department of Agriculture on Friday confirmed private sales of 198,000 tonnes of soyabeans to China, 120,000 tonnes of corn to Spain and 125,000 tonnes of corn to unknown destinations. Premiums for US wheat in the export market were steady to higher, with hard red winter wheat premiums lifted by firm rail freight costs.
October soft red winter wheat barges were bid 50 cents over CBOT December futures. Spot FOB Gulf offers were 85 cents over futures. October CIF hard red winter wheat bids were 190 cents over the K.C. December contract for 12 percent protein grain. FOB offers for November vessels were 200 cents over.
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