Wednesday, 5 August 2009

Soybean Basis Firms On US Gulf Export Market

Soybean Basis Firms On US Gulf Export Market

1232 EDT [Dow Jones]-Export markets were quiet at the Louisiana Gulf Wednesday, with cash basis holding completely steady for all commodities except soybeans, where CIF bids at some ports rose by up to 2 cents a bushel. "Chinese demand keeps growing, with heavy purchases again last week. It's anybody's guess right now just tight old-crop [soybean] supplies are," said Bryce Knorr of Farm Futures. US grain futures were weaker Wednesday, recording cash-contract declines of around 10 cents for corn, soybeans and wheat at midsession. "Weather on net is beneficial - hot weather is on the way, but we need some heat to catch up on deficit growing degree days," said MF Global's Rich Feltes. "Yesterday's rains exceeded expectations in eastern Midwest, while the entire Midwest is slated for 85% coverage through Sunday." (GLW)

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(END) Dow Jones Newswires

August 05, 2009 12:33 ET (16:33 GMT)

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