US corn and soyabean export premiums at the Gulf of Mexico ended the week higher due to a downturn in futures prices and tight supplies as farmers hold out for higher prices, traders said. Wheat basis offers were unchanged. Downward trend in grain futures unnerving farmers but they are still keeping large amounts of corn and soyabeans on farm and waiting for higher prices.
Soyabean offers for April shipment up 7 cents at 77 cents per bushel over CBOT May or $351 per tonne FOB. China slowing soyabean purchases and cheaper Brazilian soyabeans capturing most of the remaining business. China bought at least four cargoes of US soyabeans this week for April shipment but traders said it was "insurance" against uncertainty in Argentina. Three of the four cargoes are for shipment from the Pacific Northwest, traders said.
CORN & WHEAT Corn offers for April shipment up 5 cents at 52 cents per bushel over CBOT May or $163 per tonne FOB. Soft wheat offered at even money to CBOT May or $190 per tonne. Hard wheat offered at 90 cents premium to CBOT May or $244 per tonne. Philippines bought 40,000 tonnes of Argentine corn for April or May delivery.
US corn about the same price as Brazilian corn but Argentine corn the cheapest. US wheat most expensive in world and seeing limited export demand. Brazil not expected to purchase large amounts of Russian wheat until its 10 percent tariff is lifted, probably in May, traders said.
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