Soya export premiums rise

Soyabean export premiums at the US Gulf Coast rose on Friday as soaring barge freight rates lifted the cost of soyabeans in the CIF market which supply export elevators at the Gulf, traders said. There was widespread talk that a Chinese buyer may have cancelled up to six cargoes of soyabean purchases, but traders said major crushers were not involved and could not confirm further details.
High water on Midwest rivers severely slowed grain barge movement this week and propped up prices for immediate shipments to Gulf export facilities. That raised soyabean export premiums at the Gulf despite seasonally slow demand. Spot CIF soyabean basis bids rose to 72 cents a bushel over Chicago Board of Trade May futures, up about 7 cents on the day and about 10 cents in the week, traders said. FOB basis offers for last half March Gulf soyabean shipments were up about 8 cents a bushel in the week.
Private exporters reported sales of 120,000 tonnes of optional origin soyabeans for delivery to China in the current marketing year, USDA said on Friday. Traders said the shipment may be South American or from the US Pacific Northwest, but not likely from the US Gulf.
Protesters blocked crushing plants and ports in Argentina in a wage dispute for a third day on Friday. Union leaders said they may be near a resolution. Traders said there was no immediate US soyabean market impact as the main thrust of Argentina's harvest is still many weeks away.
US wheat export premiums were about steady on Friday amid a lull in demand, traders said. Bids on a tender by Iraq for at least 100,000 tonnes of any origin wheat were due Saturday, valid until March 12. Results may be available by late next week. Traders said Australian wheat will be very competitive in the Iraqi tender, but US hard red winter wheat also had a chance. Iraq has purchased US and Australian wheat in its previous two tenders. Thailand bought 50,000 tonnes US spring and soft white wheat for April-May shipment. Corn export premiums were about steady on Friday, with increased competition from South American new-crop supplies and good global feed wheat supplies keeping a lid on US corn demand, traders said.