US FOB Gulf soyabean export premiums rose for a second day on Tuesday, supported by a sharp fall in futures prices and demand for soyabeans from domestic processing plants, traders said. Corn and wheat basis offers were mostly steady. Soyabean basis offers FOB for July shipment rose to 14 cents a bushel premium to CBoT July, up from 10 cents premium on Monday.
The increase came after barges in the CIF market, which supplies export elevators, traded for as much as 14 cents premium. Soybean offers FOB for August shipment rose to 12 cents premium to CBoT August after barges traded at 11 cents premium on Tuesday.
Most of the buying was by domestic processing plants, which were seeing lucrative crush margins amid high soyaoil prices and solid feed demand. Exporters bought a few barges, traders said. Export demand is weak due to both Argentina and Brazil having cheaper soyabean supplies.
Corn export premiums showed little reaction to futures prices locking down the daily trading limit of 20 cents a bushel. Tight supplies supported basis offers.
Israeli private buyers were tendering on Thursday for up to 56,000 tonnes of corn from the United States or South America for July/August shipment. Traders expected Argentina to have the most competitive prices.
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