Export premiums for soyabeans shipped from the US Gulf Coast held mostly steady on Thursday as concerns about potential disruptions to Brazilian shipments due to a trucker strike underpinned the market, traders said. FOB corn basis offers were mostly steady to firm, underpinned by tight near term export loading capacity and firm CIF barge basis values.
FOB wheat basis bids were flat on sluggish demand for US supplies, with several rival suppliers offering grain at lower prices. Truckers began blocking roads across Brazil's main farm belt early on Thursday after failing to reach common ground in negotiations with the government and freight companies regarding pay and fuel prices.
Soyabean traders said prolonged blockades could disrupt Brazilian export shipments if port stocks run low, although major ports typically have several days of stocks on site. Top soyabean importer China was lightly bidding on July shipments from Brazil on Thursday amid positive oilseed crushing margins, traders said. Global demand for US soyabeans remains seasonally slow as South American supplies are available at lower prices. Argentina's farm ministry raised its soya harvest forecast to a record 59 million tonnes, 2 million tonnes above the latest USDA forecast for the world's No 3 soya grower.
FOB Gulf May soyabeans were offered 85 cents over CBOT May , which closed 7-3/4 cents higher at $9.78-1/4 per bushel. FOB Gulf corn for first-half May shipment was offered at 85 cents over CBOT May futures, which closed 1-3/4 cents lower at $3.70-3/4 a bushel. FOB Gulf SRW wheat for May shipment was offered at 105 cents over CBOT May futures, which closed a penny lower at $4.97-3/4.
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