Export premiums for soyabeans shipped from the US Gulf Coast were steady to firm on Friday, climbing with higher CIF barge basis values amid moderate demand for summertime shipments, traders said. Spot CIF soyabean basis bids hit a two-month peak on Friday as a lack of farmer selling over recent weeks has tightened supplies in the export pipeline.

Cheaper new-crop Brazilian soyabeans are undercutting US Gulf prices. But recently rising prices and lengthy port lineups in Brazil have boosted interest in US cargoes, traders said. A consumer backlash in China against GMO crops is beginning to dent demand for soyaoil and could spell crisis for the multibillion-dollar crushing industry, which depends on GMO soyabeans from the United States and elsewhere.

Corn export premiums were mostly steady on light demand following a flurry of purchases by South Korea over the past week, nearly all for shipment from the Pacific Northwest or South America, traders said. Wheat export premiums were also unchanged.

Soyabean shipments loaded in May were offered around 34 cents a bushel over Chicago Board of Trade July futures. FOB corn basis offers for May shipments were around 36 cents a bushel above CBOT July futures. May soft red winter wheat shipments were offered around 55 cents a bushel over CBOT July futures. Hard red winter wheat cargoes at the Texas Gulf for May shipments were offered at 120 cents over July futures.

Copyright Reuters, 2017