Basis bids for soyabeans shipped by barge to the US Gulf Coast were steady to firm on Wednesday while FOB export premiums were higher on good demand and slow movement of physical supplies into the market, traders said. Top importer China is in need of January shipments and US Gulf shipments are competitively priced in the world marketplace, a trader said.
China will tighten export specifications for imports of US soyabeans amid concerns about weed seeds in shipments, which could add to the cost of US supplies and weaker demand for US shipments. CIF bids for soyabean barges loaded this month were unchanged at 33 cents a bushel over Chicago Board of Trade January futures. January barges were bid 39 cents over, steady with trades on Tuesday.
FOB Gulf offers for January soyabean shipments were 50 cents over January futures while February and March offers were 42 cents over CBOT March, all up 3 cents. CIF corn barge basis values were mostly higher on slow grain movement following recent futures price weakness. Expectations for an increase in demand in early 2018 supported deferred CIF values.
Corn barges loaded in late December traded 27 cents above CBOT March futures, up from early-week bids of 20 cents over. January barges traded at 35 cents over futures, while February and March barges traded at 43 cents over. FOB basis offers for January corn shipments were 50 cents over futures, up a penny.
Wheat premiums were mostly unchanged, with high-protein grain underpinned by limited supplies. Bids for soft red winter wheat barges loaded in December were flat at 50 cents per bushel over CBOT March futures. FOB Gulf export offers for January shipments were flat at 70 cents over futures. December CIF HRW wheat bids were unchanged at 225 cents over the K.C. March contract for 12 percent protein grain. January export offers were nominally quoted around 240 cents over futures.
Comments
Comments are closed.