Export premiums for soyabeans shipped from the US Gulf Coast were lower on Friday as CIF barge basis values dropped and supplies of newly harvested soyabeans continued to swell amid harvesting in the southern Midwest and Delta, traders said. CIF soyabean barge basis values fell by as much as 15 cents per bushel this week, with spot barge bids down the most as new-crop supplies entered the market.
Demand for US soyabeans was solid, with top importer China booking several October and November shipments this week, including on Friday, traders said. The demand was spurred by China's crush margins expanding to the highest since early 2016. Demand for US corn remains largely limited to regular customers, traders said. Colombia and Mexico inquired about December shipments while top buyer Japan sought January quoted, they said.
China slapped anti-dumping duties on US distillers grains amid an intensifying spat between the world's two largest economies. US wheat premiums slumped on light demand, with low-cost Black Sea wheat undercutting US prices in the global market, traders said. Russian wheat prices were $2 to $10 per tonne below US Gulf FOB soft red winter wheat prices, and US wheat is at a freight disadvantage into key markets in the Middle East and North Africa, traders said.
India cut import taxes on wheat on Friday to 10 percent from 25 percent as part of efforts to curb food inflation. FOB basis offer for soyabeans exported in early October were around 110 cents per bushel above Chicago Board of Trade November futures, which closed 21-1/2 cents lower at $9.55 a bushel. Corn cargoes shipped in early October were offered at about 75 cents over CBOT December futures, which closed 1/4 cent lower at $3.36-1/2 a bushel.
SRW wheat October shipments were offered around 110 cents over CBOT December futures, which closed 3/4 cent lower at $4.04-3/4 a bushel. October HRW wheat cargoes were offered at 125 cents over December futures, which closed 3/4 cent higher at $4.21-1/2 a bushel.