Soyabean export premiums at the Gulf Coast were mostly steady to higher on Tuesday on firm CIF barge basis values and moderate demand from top importer China, traders said. CIF soyabean basis bids jumped as rainy weather stalled grain loading at some elevators and sidelined harvesters in the eastern Corn Belt. September soyabean barges traded at 97 cents a bushel above Chicago Board of Trade November futures and were bid 99 cents over late on Tuesday, traders said.
Chinese importers booked at least two cargoes of US Gulf soyabeans for October to November shipment, a trader said. But buying by China was likely to slow later this week as markets there will be closed for a week beginning on Thursday for a national holiday. The USDA did not announce any further soyabean sales to China stemming from last week's soyabean purchase agreement signing ceremony in Iowa. The frame contracts signed there are expected to be finalised at a later date as some buyers are currently unwilling to commit to large forward sales due to worries that the yuan could be devalued further, trade sources said.
FOB Gulf soyabean basis offers for October gained a penny to around 105 cents over November futures, which closed 7-1/2 cents higher at $8.84-1/4 a bushel. Offers for soyabeans shipped in November, December and January held steady at about 102 over. Export premiums for wheat and corn held steady on light to moderate demand and plentiful global supplies, traders said. Traders were awaiting data from the USDA on US quarterly stocks and 2015 US wheat production.
FOB Gulf corn basis offers for first-half October shipments were 61 cents over Chicago Board of Trade December futures, which closed 2-1/4 cents higher at $3.89 a bushel. Last-half October corn was offered steady at 65 cents over futures. Soft red winter wheat basis offers for October were steady at 75 cents over CBOT December futures, which closed 1-3/4 cents lower at $5.03-3/4. Hard red winter wheat offers for October were unchanged at 115 cents over HRW wheat futures, which closed 2-3/4 cents lower at $4.94-3/4.