Basis bids for soyabeans shipped by barge to the US Gulf Coast were steady to firm on Tuesday on solid demand for shipments arriving over the next few months, traders said. FOB Gulf soyabean basis offers were mostly steady to higher on good export demand and delayed loadings at some terminals due to rain and fog, traders said.
The US Department of Agriculture confirmed private sales of 145,000 tonnes of 2018/19 crop US soyabeans to unknown destinations. Spot CIF corn basis bids jumped by several cents from three-month lows posted late last week and early this week. Deferred values were steady to firm amid expectations for renewed export demand following recent futures contract lows.
Corn FOB basis offers were mostly steady to firm as poor weather slowed loadings at the Gulf. Rising South American prices have stirred expectations for a pickup in demand for US supplies, traders said. Soft red winter wheat export premiums were quietly unchanged, while hard red winter wheat premiums were steady to firm on good demand for high-protein supplies.
US wheat was the cheapest offered to Iraq in a tender that closed on Tuesday. Iraq has already bought more US wheat than it has in at least six years. CIF bids for soyabean barges loaded this month were unchanged at 33 cents a bushel over Chicago Board of Trade January futures. January barges traded 39 cents over January futures, while February and March barges traded 34 cents over CBOT March futures, traders said.
FOB Gulf offers for January soyabean shipments held steady at 47 cents over January futures, while February and March offers gained a penny to 39 cents over CBOT March. Spot CIF corn basis bids were 24 cents over CBOT March futures, up at least 3 cents from Monday. FOB Gulf corn offers shipments were around 49 cents over futures. Bids for soft red winter wheat barges loaded in December were flat at 50 cents per bushel over CBOT March futures. FOB Gulf export offers for January shipments were flat at 70 cents over futures.
December CIF HRW wheat bids were unchanged at 225 cents over the K.C. March contract for 12 percent protein grain.