Soyabean export premiums for near term shipments at the US Gulf Coast fell on Thursday in tandem with sinking CIF barge basis values and declining South American export premiums, traders said. Brazilian soyabean premiums dropped amid lengthy vessel loading delays at the country's ports. "Nobody wants to buy March (shipments) if they know they won't get loaded until May," a trader said.
The longest loading delays were at Paranagua port, where vessels arriving today may not get loaded for 55 or 60 days, traders said. At Santos, another large port, delays topped 30 days this week, they said. Demand from top soyabean importer China remained focused on new-crop US soyabeans. USDA on Thursday confirmed private sales of 123,000 tonnes to China for 2013/14 delivery.
Corn export premiums were steady to firm as concerns about timely Argentine shipments in April or May underpinned deferred basis offers at the Gulf, traders said. Spot South American corn prices remained at a discount to US prices, which kept a lid on nearby demand.
Private Chinese importers bought about four cargoes of US new-crop corn since late last week amid high domestic prices and good import margins, traders said. US wheat export premiums at the Gulf held mostly steady, underpinned by solid export demand from traditional and non-traditional buyers. High domestic Chinese wheat prices and low US soft red winter wheat prices supported demand from private millers.
Egyptian private buyers inquired about US SRW wheat prices this week. Private buyers were believed to be importing wheat in lieu of larger purchases by the government wheat buyer, traders said. Egyptian bakers are threatening strike action unless the government meets demands including back-payment of financial incentives. US SRW was likely to trade to Saudi Arabia in a tender closing on Friday. HRW wheat will vie for business against competitively priced Australian and possibly Canadian wheat, traders said. Tunisia seeking 50,000 tonnes milling wheat via a tender closing on Friday.
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