Soyabean export premiums at the US Gulf Coast held mostly steady on Thursday, underpinned by strong demand from China, traders said. Nearby offers unquoted as Gulf export terminals sold out of capacity through November. Basis bids for CIF soyabean barges, which supply Gulf export terminals, were near steady despite rising futures and active harvest-time movement.
Active sales of both US and South American soyabeans cargoes this week to China, the world's top importer. Crush margins estimated at around $50 per tonne fuelling strong demand by Chinese importers, traders said. Private exporters sold 280,000 tonnes US soyabeans to China for 2010/11 shipment, USDA said Thursday. USDA announced 297,500 tonnes to China early Wednesday.
China has purchased 17 to 20 cargoes this week for November through June shipment, with at least 10 of those from the United States, traders said. Argentina sold one or two cargoes for November shipment at prices below US on a FOB basis, while at least one US cargo for March shipment was sold below Brazilian. US beans normally cheaper in November, Brazil usually cheaper in March. US corn export premiums were steady to weak on Thursday amid sluggish demand and falling CIF basis, traders said.
Corn export demand muted following rally early this week to 26-month highs, which discouraged many buyers from booking beyond their immediate hand-to-mouth needs, traders said. South Korea's Nonghyup Feed bought two cargoes totalling 108,000 tonnes of corn in a tender for up to 165,000 tonnes. It passed on a third cargo due to high prices.
Wheat export premiums were flat on Wednesday amid mixed demand, traders said. Demand was strong for higher protein wheat such as hard red winter, but dull for lower protein varieties such as soft red winter.
USDA to issue latest weekly export sales data on Friday, delayed by one day due to the Columbus Day holiday on Monday. Trade estimates for corn export sales last week at 1.5 million to 1.8 million tonnes, soya at 900,000 to 1.2 million, wheat at 500,000 to 700,000 tonnes. [USDA/EST] Corn sales bolstered by large sales to Mexico announced last week.
Comments
Comments are closed.