US soyabean export premiums at the Gulf of Mexico were steady on Friday amid solid demand from China for new-crop supplies, while corn premiums were flat and wheat premiums were steady to lower, traders said. Demand for old-crop soyabean shipments fading, new-crop demand rising. China bought at least three new-crop cargoes to as many as five late this week, traders said.
USDA on Friday confirmed 350,500 tonnes in private sales of 2010/11 US soyabeans to China and "unknown" destinations. South American soyabeans competitive with US values in several late summer/early fall positions, traders said.
Nearby CIF soyabean basis eased on Friday despite very tight supplies as prospects for additional old-crop export sales fading. Traders said most exporters have August and September loadings covered. US corn export premiums at the Gulf were flat on Friday amid mostly routine demand. Nearby offers were unquoted due to a lack of export-grade corn available and deferred offers near steady.
Lull in corn demand from China as importers have few import permits remaining after more than 1 million tonnes in purchases since late April, traders said. Israeli private buyers purchase 55,000 tonnes Black Sea corn, likely from Ukraine, as US, South American prices too high.
US wheat export premiums were steady to lower amid dull demand. Ample supplies following a good harvest pressuring hard red winter wheat values, traders said. Traders closely watching European weather as drought cutting wheat production prospects, and perhaps export potential, from key exporters such as Russia and Ukraine.
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