Export premiums for soyabeans at the US Gulf Coast were steady to firm on Monday, supported by higher CIF barge basis values, while corn and wheat export premiums were flat, traders said. Nearby CIF soyabean basis bids rose by as much as 4 cents a bushel on Monday amid higher freight costs and slow farmer sales. Icy conditions on northern sections of the Illinois River have slowed shipments and lifted costs for spot barge loadings.
Demand for soyabeans from China was tepid as recent purchases have the world's top importer well supplied for shipments through March, traders said. Rising supplies of newly harvested soyabeans from South America and expectations for a bumper crop kept a lid on demand for US shipments beyond March, they said. Demand from other global soyabean buyers was muted. Soyabean export inspections last week totaled 1,457,230 tonnes, near the high end of a range of trade forecasts, but down about 8 percent from the prior week, according to US Department of Agriculture (USDA) data.
The USDA on Monday confirmed private sales of 112,500 tonnes of US corn and 120,000 tonnes of US spring wheat to unknown destinations. FOB basis offers for January shipments of soyabeans were nominally quoted around 54 cents a bushel above Chicago Board of Trade March futures, which closed 10-1/2 cents higher at $10.05-1/4 per bushel. February shipments were 52 cents over futures. January corn shipments were offered around 57 cents a bushel over CBOT March futures, which closed 2 cents higher at $3.60 a bushel.