Export premiums for soyabeans shipped from the US Gulf Coast were mostly unchanged on Monday amid lower CIF barge basis values and strong demand from top importer China, traders said. CIF basis bids fell 1 to 4 cents a bushel on Monday, largely due to falling freight costs.
Good soyabean crush margins in China and low ocean freight costs continued to fuel import demand from the world's top buyer of the oilseed. Traders said Chinese importers booked at least two more cargoes of US soyabeans on Monday. The US Department of Agriculture on Monday confirmed private sales 132,000 tonnes of soyabeans to China for 2016/17 shipment. Corn export premiums were weak on easing CIF barge basis values while wheat premiums were mostly steady on Monday.
The USDA confirmed private sales of 172,000 tonnes of corn to unknown destinations for 2016/17 shipment. Egypt's GASC is seeking wheat for shipment December 10-20 via a tender, with results expected on Tuesday. Russian or other Black Sea origin wheat was expected to be most competitive in the tender, traders said. November US soyabean shipments were offered at about 74 cents a bushel over Chicago Board of Trade January futures , which closed 7-3/4 cents higher at $9.98-1/2 a bushel.
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