US FOB Gulf soyabean basis offers were mixed for new-crop loadings after the close on Monday, traders said. Old-crop soyabean futures and basis stayed firm amid tight old-crop supplies and higher-than-expected weekly USDA export inspections. Corn and wheat basis offers were mostly steady but SRW wheat offers showed a firm tone ahead of harvest.
USDA reported weekly export inspections of 156,364 tonnes, compared to trade estimates for 50,000 to 125,000. US soyabean cash values remained elevated in part by the strong processor demand for remaining free old-crop stocks. US FOB quotes remain $30 to $50 a tonnes above new-crop Brazilian and Argentine soya coming to port but traditional US customers in Asia, Europe and Mexico remain in the market for fill-in orders. The main changes for the soyabean basis was in new-crop, with October loadings 4 cents higher over November futures at 120 over. November and December offers were 3 to 2 cents lower at 115 and 110 over futures, respectively.
CBOT November soyabeans closed 4 cents lower at $12.29-3/4. US FOB Gulf corn values were unchanged from Friday with inquiries slow for a Monday, one trader said. Export inspections totaled 976,061 tonnes for the week ending May 29. China loaded its weekly sorghum cargo of 83,477 tonnes out of the Gulf. June/July corn offers were quoted at 85 cents over July futures. CBOT July corn closed at $4.65-1/2, down 1/4 cent.
USDA wheat inspections for the week ended May 29 totaled 514,667 tonnes, with 173,249 tonnes out of the Gulf. US SRW wheat is still seen $9 or $10 a tonne cheaper than French wheat for June but Black Sea wheat is quoted $5 to $7 a tonne cheaper than US Gulf FOB values, traders said. Winter wheat harvest is just starting in the southern states, including the HRW crop in Texas and the SRW harvest in Mississippi and Louisiana. The harvest should pressure FOB and CIF values at the Texas and Louisiana Gulf over the next month.
SRW September offers were quoted at 62 cents over futures, while HRW were unchanged. US corn and soyabeans are seeing ideal weather, with timely rains and humidity in the central Corn Belt. USDA rated corn as of Sunday at 76 percent good to excellent, versus 63 percent a year ago - when US farmers harvested a record crop.
