Export premiums for corn and soyabeans shipped from the US Gulf Coast were mostly steady to higher on Tuesday, supported by firm CIF barge basis values and tight near-term loading capacity, traders said. Higher spot barge freight rates and slow farmer sales amid weak Chicago Board of Trade futures prices underpinned CIF basis values and raised grain costs for exporters at the Gulf.
New-crop soyabean basis values were lifted by good demand from top importer China, which was in the market for September and October cargoes, traders said. CIF soyabean barges actively traded on Tuesday at 86 cents a bushel above CBOT November futures as exporters scrambled for supplies, they said. Low prices are supporting demand for US corn, although cheap feed wheat supplies have limited purchases, traders said.
Wheat export premiums were mostly unchanged in muted trade, with ample supplies available from the Black Sea region undercutting demand for US wheat. South Korea rejected a shipment of Argentine feed wheat after unapproved genetically modified strains were found in the cargo. Amaggi Group will acquire 50 percent of Bunge's port terminals in north-east Brazil, the companies said. Soyabean export premiums for August shipments were 105 cents a bushel over CBOT August futures, which closed 9-3/4 cents higher $9.93-1/2 a bushel.