Basis bids for soybeans shipped by barge to U.S. Gulf Coast terminals rose on Thursday after a recent slide and as futures prices jumped, traders said.

• The U.S. Department of Agriculture reported net new-crop U.S. soybean export sales were 1.14 million metric tons in the week ended August 14, above traders’ estimates for 400,000 to 1,000,000 tons.

• China, the world’s biggest soybean importer, remained absent from the U.S. market amid trade tensions with Washington.

• Shippers were cautious about the U.S.-China dispute while their capacity was filling up with demand from importers that are less traditional buyers, a trader said.

• Soy futures advanced at the Chicago Board of Trade on technical buying. Futures also got a boost from expectations that President Donald Trump’s administration would rule on a growing backlog of requests from small oil refiners seeking relief from U.S. biofuel laws.

• CIF Gulf soybean barges loaded in August were bid at 45 cents over Chicago Board of Trade November (SX25) futures, up 8 cents. September loadings were bid at 50 cents over November futures, also up 8 cents.

• FOB export premiums for soybeans shipped from the Gulf in the first half of September were about 90 cents over November (SX25) futures.

• For corn, the USDA reported net new-crop U.S. export sales at 2.86 million metric tons in the week ended August 14, above trade estimates for 900,000 to 2,000,000 tons.

• CIF Gulf corn barges loaded in August were bid at about 80 cents over CBOT September (CU25) futures. September corn barges were bid at 95 cents over futures.

• FOB export premiums for corn shipped from the Gulf in September were around 132 cents over September futures. Premiums were firm for shipments later in the year.
Source: Reuters