Export premiums for soyabeans shipped from the US Gulf Coast firmed on Wednesday, rising in tandem with higher CIF barge basis values and rising South American prices, traders said. Falling Chicago Board of Trade soya futures prices discouraged farmers from selling both old- and new-crop supplies, which supported cash basis values.

While Chinese importers continue to source most of their soya purchases from South American suppliers, some have inquired about US shipments from the Pacific Northwest this summer amid rising prices and lengthy port line-ups in Brazil, traders said.

Corn and wheat export premiums held mostly steady. The White House is considering a draft executive order to withdraw the United States from NAFTA, a senior official said. The news rattled grain markets as Mexico and Canada are among the country's top export markets for grains and oilseeds. The US Department of Agriculture is due to release weekly export sales data on Thursday morning. Soyabean shipments loaded in May were offered around 32 cents a bushel over Chicago Board of Trade July futures.

Copyright Reuters, 2017