The Midwest soybean harvest is ramping up and exporters are competing with domestic processors for the earliest supplies. That has lifted CIF barge basis values at the Gulf where exporters are in need of supplies to fill loading commitments.
* CIF October soy barges traded as high as 101 cents a bushel over Chicago Board of Trade November futures, the highest spot basis in at least a month. December barges also traded as high as 101 over CBOT January futures, traders said.
* Limited export capacity at Gulf elevators for October and November following strong forward sales this summer also supported basis values.
* There was Chinese buying interest on Thursday for December soybean shipments from the Gulf and January shipments from the Pacific Northwest, traders said.
* No. 4 soybean exporter Paraguay gave final approval to a 10 percent tax on soybeans which is expected to raise $300 million per year.
* Wheat export premiums were mostly steady on routine demand, with Brazilian millers inquiring about November shipments of hard red winter wheat, traders said.
* Egypt's GASC canceled a tender to buy wheat for Nov. 21-30 shipments, citing high prices. No US wheat was offered in the tender and Black Sea wheat continues to be the least expensive on the world market.
* Corn export premiums at Gulf Coast terminals were steady, underpinned by moderate demand and limited nearby export loading capacity.
* The US Department of Agriculture did not issue its weekly export sales report on Thursday for a second consecutive week due to the partial government shutdown. Friday's monthly crop production and world supply and demand reports will also not be released.