US FOB Gulf soyabean, corn, and wheat basis offers were quietly steady after the futures bounced higher Friday on profit taking with export business slow, traders said. USDA weekly exports sales issued Friday - due to the Monday holiday - reflected the doldrums of the US market as foreign customers await harvest lows for corn and soyabean prices in what is expected to be a year of record crops.
But futures bounced Friday from contract lows set Thursday as speculators took profits at week end. Traders said forecasts for a cold spell late next week in the northern Midwest may have triggered the covering in futures. FOB Gulf September soyabeans held at 200 cents over CBOT November, which ended 18-1/4 cents higher at $10.21-1/2 a bushel. October/November offers were steady at 180/170 cents over November futures.
USDA weekly soyabean export sales, covering the end of the old-crop year, showed reductions of 87,600 tonnes but net sales of 869,000 tonnes for 2014/15, with 338,300 tonnes to China and 293,100 tonnes to unknown. Loadings last week were a paltry 36,400 tonnes, a marketing year-low. Exporters quoted US new-crop beans for last-half November at $434 a tonne compared to $455 for September-October Argentine beans. FOB corn for September held at 123 cents over and October-November-December was steady at 126 cents over CBOT December corn, which ended 9-1/2 cents up at $3.56.
Last week's new-crop corn export sales were only 525,600 tonnes, with 268,300 tonnes to unknown, USDA said. China continues to ship small parcels of corn - 2,000-3,000 tonnes a week, presumably for testing. But they remain the dominant buyer of sorghum - shipping 217,600 tonnes last week, booking 58,000 of new-crop and 53,900 tonnes of old crop.
US Gulf corn for last-half November was trading around $186 per tonne compared to $180 for Brazilian corn and $170 for Argentine corn, traders said. Black Sea corn for October shipment was pegged $174 per tonne. USDA said total weekly wheat export sales of 168,800 tonnes were down 56 percent from the four-week average.
The drop in sales reflects world pricing with US Gulf SRW for October about $250 per tonne - more than $10 a tonne more expensive than new-crop French and Black Sea wheat, traders said. Wheat shipments totalled 747,600 tonnes, with almost half of that spring and white wheat shipped out of the PNW. FOB Gulf SRW were unchanged at 130 cents over CBOT December, which ended 5 cents up at $5.35-1/4. October was steady at 150 over December futures. Texas Gulf HRW September values held at 140 cents over KCBT December futures, which closed 8-1/4 up at $6.28-1/2. October was offered 170 cents over December futures, also unchanged.
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