Export premiums for soyabeans shipped from the US Gulf Coast were mostly steady to firm on Tuesday as slow farmer sales lifted CIF barge basis values and exporters prepared for active export loadings later this month, traders said. Spot CIF soyabean basis values jumped to a premium to deferred values as supplies in the export pipeline were tight and demand from Gulf export terminals firmed, traders said.
Prices for South American soya shipments remain elevated so US exporters are anticipating more demand for old-crop shipments. FOB corn basis offers were mostly steady as recent price declines have attracted fresh demand. But ample global supplies of feed grains such as feed wheat have limited further corn use.
The US Department of Agriculture on Tuesday adjusted its world supply and demand forecasts to show more feed wheat will be used by global livestock and poultry producers in the coming year, while corn use was revised downward. US wheat export premiums were flat on light demand. Egypt's GASC on Tuesday said it bought 180,000 tonnes of Black Sea wheat via a tender. No US supplies were offered as prices were not competitive.
Soyabean export premiums for July shipments were 98 cents a bushel over CBOT August futures, which closed 25-1/4 cents higher at $11.02-1/4 a bushel. FOB Gulf July corn shipments were offered at about 90 cents over CBOT September futures, which closed 4 cents higher at $3.52-1/4 a bushel.