Export premiums for soyabeans shipped from the US Gulf Coast were flat on Tuesday, capped by limited export demand as South American shipments are available at lower prices, traders said. CIF soyabean barge basis values stabilised after sinking to recent lows, which helped to underpin FOB basis offers. The spot CIF bid had hit a four-year low last month.
The USDA on Tuesday confirmed private sales of 140,000 tonnes of US soyabeans to unknown destinations for 2015-16 delivery. Traders suspected the sale was to a European importer as top buyer China is currently focusing on South American purchases. Brazilian export premiums eased on Tuesday as the harvest of a record-large crop is accelerating. The country's soyabean harvest is about 30 percent complete, the trade ministry said.
Corn export premiums at the Gulf Coast were mostly steady on routine demand from regular US customers. The accelerating South American soyabean harvest is shifting the focus there to exporting soyabeans over corn, which could boost US export demand. US wheat export premiums were mostly steady in quiet trading, capped by ample world supplies and limited demand for US shipments. Egypt's GASC is seeking wheat for April 5-14 shipment after buying 540,000 tonnes in its two previous tenders. Traders do not expect any US wheat to be offered.
Comments
Comments are closed.