CHICAGO: Soyabean export premiums for shipments from the US Gulf Coast firmed on Tuesday on strong demand from top importer China, which has steadily booked US purchases for the past two weeks, traders said.

Importers in China are seeking mostly new-crop shipments from the Gulf as loading capacity at Pacific Northwest export terminals is very tight through October, traders said.

The US Department of Agriculture (USDA) on Monday confirmed private sales of 120,000 tonnes of new-crop US soyabeans to unknown destinations, the tenth consecutive trading day with a daily soyabean sales announcement. In that time, China and unknown destinations have booked more than 2.8 million tonnes in new-crop purchases.

Traders said active sales in the CIF market for soyabean barges loaded in October through December on Tuesday indicated further sales have been booked.

Corn export premiums were anchored by weak CIF barge basis values as rainy weather along the Gulf Coast delayed export loadings and led to a backup of corn barges at terminals, traders said.

Demand for US corn remains solid as prices at the Gulf are the lowest in the global marketplace of all major exporters, traders said.

Brazil’s Conab crop supply agency lowered its corn production and exports outlook after a severe drought and trimmed its soyabean crop and export forecast.

China sold just 13,917 tonnes of corn on Tuesday out of 1,916,081 tonnes offered in a state reserves auction.

Wheat export premiums were mostly steady amid moderate demand for higher-protein grades, traders said.

French soft wheat production is expected to drop 30 percent to 28.68 million tonnes, consultancy Agritel said. The French farm ministry last week forecast yields at a 30-year low. Soyabean export premiums for September shipments were about 138 cents a bushel over CBOT November futures, which closed 3 cents higher at $9.88 a bushel.

September corn shipments were offered at about 105 cents over CBOT September futures, which closed 3 cents lower at $3.22-1/4.— Reuters