CIF/FOB Gulf Grain-Soy barge basis falls, China buys more US beans
DBA•Soybean basis eases as farmer sales rise and China keeps buying
Basis bids for soybeans loaded on barges and delivered to U.S. Gulf Coast terminals eased on Friday after traders said that multi-year highs in crop futures prices spurred farmer sales in some areas this week.
- Chicago Board of Trade soybean
Sv1futures touched their highest level since January 2024 while cornCv1futures reached a three-year high. - Farmer selling has bolstered supplies at river elevators while China continued buying U.S. soybeans, traders said.
- The U.S. Department of Agriculture confirmed exporters sold 182,000 metric tons of U.S. soybeans to top importer China and another 226,000 tons to unknown destinations.
- Some analysts predicted the USDA may raise its estimate for U.S. soybean exports in its next monthly crop report on September 11.
- CIF soybean basis bids for barges loaded in August were down 5 cents at about 105 cents over Chicago Board of Trade November
SX26futures. October barges were bid at 103 cents over futures, down 3 cents. - FOB basis offers were about 125 cents over futures for soybeans loaded in early September and late September.
Corn basis mostly steady while Black Sea tensions remain a focus
- For corn, CIF basis bids for barges loaded in August were steady at 82 cents a bushel over CBOT September
CU26futures. Basis bids for September barges eased 1 cent to about 92 cents over futures. - FOB corn export premiums eased for shipments in October, November and December. They were around 112 cents over futures for shipments in late September, up 1 cent.
