Export premiums for soyabeans shipped from the US Gulf Coast were steady to higher on Friday, tracking gains both in prices in the barge market and in values for soya shipments out of South America, traders said. Limited loading capacity during August and September in Brazil could push some demand to US shippers, with US prices becoming more competitive this week with South American soya values. Top global buyer China continued to source much of its prompt cargoes out of Brazil and Argentina, the traders said.
Bids for US barges of soyabeans bound for the Gulf Coast surged to the highest levels since January, raising costs for exporters at the Gulf, amid limited selling by US farmers and as supplies from last year's harvest dwindled. Corn prices in both the barge and ocean vessel markets were flat to weaker, pressured by plentiful supplies. The wheat basis was largely unchanged. FOB Gulf offers for soyabeans loaded in August were around 56 cents a bushel over Chicago Board of Trade August futures, up roughly 7 cents. August corn offers were about 38 cents above CBOT September futures. Soft red winter wheat offers for August loadings were 55 cents a bushel over CBOT September futures. Premiums for 12 percent protein hard red winter wheat cargoes loaded in August were around 165 cents over September futures.
Comments
Comments are closed.