Soyabean export premiums at the US Gulf Coast were mostly steady to firm on Friday on robust demand helped by unseasonably lofty Brazilian new-crop prices, traders said. USDA on Friday confirmed the sale of 2.92 million tonnes of US soyabeans, most of it for 2012/13 delivery. The sales were the result of purchase agreements signed earlier this week by a Chinese trade delegation in Des Moines.
The delegation this week signed agreements to buy 13.4 million tonnes of US soyabeans. Taiwan's BSPA seeking 40,000 to 60,000 tonnes US or Brazilian soyabeans for March-April shipment. Export demand for spot shipments of US soyabeans supported by firm cash premiums in Brazil, where slow farmer selling amid uncertainty about new-crop yields supported prices.
March cash premiums for Brazilian soyabeans were near 90 cents a bushel over CBOT March futures, which traders said was a record high for that shipping period. US Gulf FOB basis offers were around 85 cents over. Tight nearby supplies of soyabeans at the Gulf kept nearby prices at a premium to deferred.
Slowed barge movement on the Mississippi River upriver from New Orleans due to a barge collision and oil spill could further underpin the nearby basis. Grain loading at a damaged terminal at Brazil's Santos Port to resume at half capacity, ending a five-day interruption to exports following an accident this week.
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