US corn and soyabeans export premiums at the US Gulf were mostly steady on Friday, with prospects for huge crops keeping buyers at bay. Traders said soft red winter wheat basis offers were higher amid talk that grain elevators would store more of the grain due to attractive 'carries' in the market.
The traders also brushed off data that showed China's soya imports fell about 30 percent in August due to high prices. "They have bought a lot of beans overall, so I don't see this as a concern," a soya trader said. Traders said they were expecting a slump in the dollar to help draw fresh demand next week.
The USDA, in its September crop report, estimated the soyabean crop at 3.245 billion bushels, just below an average of trade estimates for 3.249 billion bushels. The USDA pegged the corn crop at 12.954 billion bushels, above an average trade estimate for 12.901 billion bushels. The USDA raised its estimate of US corn exports to 55.88 million tonnes in the 2009/10 marketing year that began September 1 from its August estimate of 53.34 million tonnes.
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