Soyabean export premiums at the US Gulf Coast were mostly level on Monday, underpinned by steady demand from top importer China but capped by growing supplies from a bumper harvest, traders said. Corn and wheat export premiums were flat in quiet trading as stiff competition from low-cost grain suppliers in South America and Europe limited demand for US shipments.
The USDA on Monday confirmed private sales of 238,000 tonnes of US soyabeans to China for 2015-16 delivery. It was the fourth daily soyabean sales announcement in a week, with 983,000 tonnes confirmed sold to China and unknown destinations. Separately, the USDA reported soyabean export inspections last week at more than 2.3 million tonnes, including about 1.8 million tonnes destined for China. It was the largest single week of soya inspections in nearly 11 months, USDA data showed.
A section of the Mississippi River near Quincy, Illinois, may remain closed until at least Wednesday as the Army Corps of Engineers dredges the shipping channel after a boat ran aground there over the weekend. Low water levels also slowed navigation on the lower Mississippi River.
FOB Gulf soyabean basis offers for last-half October loadings were around 102 cents over Chicago Board of Trade November futures, which closed 7-1/4 cents lower at $8.91 a bushel. November loadings were offered at 98 cents over futures. FOB Gulf corn basis offers for November were around 68 cents a bushel over CBOT December futures, which closed 3-3/4 cents lower at $3.73 a bushel. November soft red winter wheat offers were flat at 85 cents over December futures, which closed 6-1/2 cents lower at $4.85-3/4 a bushel.
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