Global markets for grains and oilseeds

According to traders, basis rates for soybeans shipped by barge to terminals on the U.S. Gulf Coast rose slightly on Thursday as soybean futures in Chicago continued their upward trend. Dealers reported that on Thursday, basis prices for corn and soybeans increased at grain elevators and processors in the U.S. Midwest as they sought grain for delivery in the first half of the month. On Wednesday, Trump wrote on social media that soybeans would be the main topic of discussion at his meeting with Chinese counterpart Xi Jinping in four weeks. "This was supportive for soybeans yesterday, and today we continue to strengthen this trend," said Carl Setzer, a partner at Consus Ag. The rise in soybean meal prices also supported soybeans. This message triggered some buying, however, ample supply and China's continued absence from the U.S. market are likely to limit any growth. Ignoring the U.S., China increased soybean purchases from South America, including a large volume of Argentine ...