Spot basis values for soyabeans shipped by barge to US Gulf Coast export terminals weakened on Monday, pressured by increased offerings after the premiums surged to an 11-month high late last week, traders said. Robust demand from China and limited supplies available before the autumn US harvest continued to underpin barge bids for soyabeans. Premiums for ocean vessels firmed, following the recent gains in the barge market.

Barge shipping costs gained on Midwest rivers, with some grain handlers bidding more aggressively for empty vessels for loadings during the harvest in September and October. CIF soyabean barges loaded in August were bid at about 59 cents over Chicago Board of Trade November futures, down 1 cent from earlier on Monday and down from trades of 65 cents on Friday.

Spot FOB offers for soyabeans were 80 cents over CBOT November futures, up about 8 cents from Friday. The US Department of Agriculture said exporters sold 661,000 tonnes of US soyabeans to China and unknown destinations for the 2017-18 season which starts on September 1.

The Taiwan Flour Millers' Association purchased 98,850 tonnes of US milling wheat in an international tender which closed last week, European traders said. August CIF corn barges were bid 2 cents higher at 38 cents above the CBOT September contract. Spot corn FOB offers were also up 2 cents, at 54 cents over CBOT September futures. CIF HRW wheat bids were steady at 150 cents over the K.C. September contract for spot shipments while SRW wheat bids held at 35 cents over CBOT September futures.

Copyright Reuters, 2017