US FOB Gulf soyabean basis offers firmed late Tuesday as customers made fresh inquiries after the holiday weekend, looking to book sales before the Midwest harvest begins in the next three to four weeks, traders said. FOB corn was steady with inquires quiet as buyers wait for the US record harvest to move into the pipeline. Wheat basis offers were generally steady in slow trade, with Egypt's GASC tendering for first-half October shipments.
Traders doubted the United States would get any of the business. FOB Gulf soyabeans for September were up 5 cents at 200 cents over CBOT November, which closed 7-3/4 cents up at $10.32 a bushel. October offers were 8 cents higher at 180 cents over November futures and November rose 10 cents to 170 cents over November futures.
Soyabean loadings for December/January were steady at 150/145 cents over CBOT January futures amid some inquiries from China, traders said. Nearby soyabean basis values remain underpinned by strong processor demand as they struggle to source enough soyabeans to meet their crush commitments. A Decatur, Illinois, processor late Tuesday raised its spot soyabean bid by 35 cents to 350 cents over the November futures.
US Agriculture Department (USDA) Tuesday reported soyabean export inspections of just 37,381 tonnes for the week ended August 28 - with just three days left in the marketing year. FOB corn for September was offered at 123 cents over and October-November-December was 126 cents over CBOT December corn, which closed 1 cent lower at $3.63-3/4.
USDA said 873,195 tonnes of corn were inspected for export last week. China sampled 2,646 tonnes amid the ongoing dispute over an unapproved GMO trait found in corn shipments but imported 158,431 tonnes of sorghum. FOB soft red winter wheat for September was steady at 130 cents over CBOT December. October offers were up 5 cents at 150 over December futures. CBOT December wheat ended 8-1/2 cents lower at $5.55. Traders did not expect the United States to offer SRW in GASC's tender. Black Sea wheat is cheaper and US SRW was damaged by late season rains, making it difficult to meet GASC's quality specs, traders said.