CHICAGO: Export premiums for soyabeans shipped from the US Gulf Coast held steady on Tuesday, underpinned by solid export demand and a slow harvest pace that has kept costs for near-term supplies at a premium to shipments later in the year, traders said.

Soyabean crush margins in China have increased to multi-month highs, spurring fresh export demand for US shipments, traders said. China has purchased at least three US cargoes of soyabeans this week for October and November shipment, they said.

The US Department of Agriculture on Tuesday confirmed private sales of 110,000 tonnes of US soyabeans to China for 2016/17 shipment.

Corn export premiums at the Gulf Coast were flat, anchored by ample supplies and stiff export market competition from low-cost feed wheat.

US corn shipments to key markets in Asia, such as South Korea and Japan, are about $10 per tonne higher than feed wheat shipments from the Black Sea region, traders said.

Wheat export premiums were steady on light demand and ample global supplies.

FOB basis offer for soyabeans exported in October were around 120 cents per bushel above the Chicago Board of Trade November futures contract, which closed 17-1/4 cents higher at $9.89-3/4 a bushel.

October corn cargoes were offered at about 82 cents over CBOT December futures, which closed 3-1/4 cents higher at $3.40-1/2 a bushel.

Soft red winter wheat October shipments were offered around 105 cents over CBOT December futures, which closed 2 cents higher at $4.06 a bushel.

October hard red winter wheat cargoes were offered at 130 cents over December futures, which closed 2 cents higher at $4.18-1/2 a bushel.—Reuters